USDKRW is back to roughly unchanged on the....>

KOREA: USDKRW is back to roughly unchanged on the day at 1131.2 as bears failed

to hold early losses below 1130. The pair trades in the middle of its

multi-month range but continues on its broader uptrend from the April lows.

Bulls need to close back above 1140 to send the cross into a higher trading

range. KRWJPY also remains in the middle of its range after holding above its

200-dma yesterday.  

- The Kospi trades roughly flat on the day as the short-term correlation between

stocks and won picks up.  

- Bond futures remain on the front foot, refusing to edge lower in line with the

US. The 10-year future sits at 125.04, with the Oct 29 high at 125.30 in focus.

The drop in oil prices has undermined Korean breakevens, supporting real rates

and reducing the likelihood that the BOK will take action at its month-end

meeting. 

- The stronger than expected unemployment data out of Korea today has failed to

move markets which continue to focus on global factors, and in particular

US-China trade relations.