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USDKRW has opened down 0.15% as the......>

KOREAN WON
KOREAN WON: USDKRW has opened down 0.15% as the won recovers some of yesterday's
losses to trade at 1122.0. The pair remains in the middle of its range even as
the won's real effective exchange rate is seeing weakness. The REER now trades
at 6-month lows in large part due to the recent drop in KRWJPY. EURKRW and
CNHKRW are also showing potential reversal patterns. 
- The unemployment rate for Dec came in slightly stronger than expected at 3.8%
vs 3.9%, providing some support for the won.
- US-Korea rate spreads are broadly flat as Korean swaps follow the US higher,
although the spread remains elevated relative to USDKRW based on recent
correlations. 

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