USDKRW has erased earlier gains to trade......>

KOREA: USDKRW has erased earlier gains to trade marginally down on the day,

still within its contracting range which is defined by 1130 on the upside and

1115 on the downside. KRWJPY has held its range lows to keep the recent trading

range intact, failing to capitalise on the improvement in global risk sentiment

that has seen the Kospi add to its gains. The index has taken out downtrend

resistance from the Oct high, raising the prospect of a double bottom formation.

- Despite the equity rally rate markets have shown little appetite for gains,

with the 2 year up just 1bp, remaining in its well defined downtrend. 

- It has been a quiet day on the news front with no data releases due until next

week.