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USDKRW has opened back above 1135 putting.....>

KOREA
KOREA: USDKRW has opened back above 1135 putting the focus back on the 1140 area
which marked the prior range top. 
- Won weakness appears to be driven by rising global risk-off sentiment rather
than shifting US-Korea real yield spreads, which have actually edged down in
recent days as Korean breakevens have moved slightly lower, supporting real
yields. 
- The correlation between USDKRW and Korea's 10-year CDS is back on the rise,
which could be bad news for the Korean won as upside pressure on US junk bond
spreads risks feeding through into higher Korean default risk and a weaker won.
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