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USDKRW has dropped back to 1123.55 this.......>

KOREA
KOREA: USDKRW has dropped back to 1123.55 this morning, undermined by the fall
in USDCNH, dropping back below its 21-DMA. The next level of support comes in at
the August 1 high of 1122.55, while a drop below 1113.15 would trigger a
potential head-and-shoulders topping pattern. 
- The won's strength comes despite a slight drop in rate expectations, with
2-year swaps falling back to 1.97%, 90bps inside the US. 
- It's a quiet week on the data from for South Korea, with assets likely to be
driven by global factors as per usual. 

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