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USDKRW has edged higher today to trade...>

KOREAN WON
KOREAN WON: USDKRW has edged higher today to trade at 1110.0 but the bearish
trend remains intact while ever prices remain below neckline
support-turned-resistance at 1117.0. 
- Rate markets continue to trade in a very quiet fashion ahead of the BOK's
Friday rate meeting, although slight weakness has been seen today with the curve
shifting down roughly 1bps across the board. 
- With US 2-year yields rising further yesterday, the US-KR 2-year swap spread
hit a new multi-year high of 96bps. This is happening alongside a narrowing of
inflation expectations between the two countries. 
- The upshot is that the rate picture is turning increasingly bearish for the
won in contrast to the constructive technical picture. 

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