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USDKRW has weakened 0.3% from............>

KOREAN WON
KOREAN WON: USDKRW has weakened 0.3% from yesterday's close at the time of
writing, with won strength coming despite no major changes in Korean or U.S.
yields.
- The gap between the USDKRW and where default-risk adjusted real bond yield
spreads between U.S. and Korea suggest is fair value continues to widen.
- With Korea's 5-year CDS testing decade lows at 40bps there is little room for
reduced risk premiums to drive the won stronger, suggesting that recent
consolidation in USDKRW will turn out to be a basing pattern.

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