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USDKRW has dipped back below 1135 after.......>

KOREA
KOREA: USDKRW has dipped back below 1135 after hitting resistance just below the
1140 level in early Asian trading. The won's recovery seems out of line with the
modest bounce in the euro, the yuan, and the Kospi, and does not have the
support of interest rate spreads. 
- Korea's 2-year swap has failed to bounce materially after yesterday's BOK-led
sell off, keeping the US-Korea 2-year yield spread at cycle highs of 117bps.
Real yield spreads are also still moving in the USD's favour, suggesting USDKRP
faces further upside pressure. 

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