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USDKRW has risen after opening as low as......>

KOREA
KOREA: USDKRW has risen after opening as low as 1138, currently trading at 1140,
with continued dollar strength outweighing the slight improvement in
risk-appetite across global stocks. 
- The Kospi managed to close back above 2000 yesterday but has given back some
gains today. The index continues to underperform globally, which is keeping rate
markets under pressure. 
- 2-year swaps are down 1.7bps yesterday, giving back some of yesterday's gains
to keep the downtrend firmly intact, and keep US-Korea nominal and real yield
spreads at cycle highs. 
- CPI data is due tomorrow, with headline CPI expected to breech the 2.0% level,
but even if we see a strong inflation figure the prospect of a hike looks slim
at this stage given recent market moves.  

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