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USDKRW has been driven lower again.......>

KOREAN WON
KOREAN WON: USDKRW has been driven lower again today to trade at 1123.5 as the
won continues to outperform the region this week fallowing last week's false
break above 1140. The 55-dma is the next downside target, and below here would
target the range lows just above 1110.
- The won's recovery is coming in spite of the ongoing widening of US-Korean
real yield spreads, which is being outweighed by risk-on sentiment generally
which has helped drive down Korean CDS spreads. 

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