USDKRW has seen a big move lower today,.......>

KOREA: USDKRW has seen a big move lower today, dropping 0.7% to break back below

triangle resistance turned support. Uptrend support from the Dec 4 lows comes

into play at 1120, and below here would strengthen the case for a large topping

formation. 

- The won has benefitted from the recovery in risk appetite which has seen

KRWJPY break out of its recent range to test the 9.80 level. A close to the week

around here would suggest a resumption of the recovery rally. 

- The Kospi added another 1.5% today to take its weekly gains to 2.5% as the

index trigger a double bottom formation. 

- Rate markets have been the odd one out, with the swap curve edging lower. The

rolling correlation between Korean bond yields and Korean stocks has collapsed

over recent weeks as the rate market shrugs off broader risk on flows.