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USDKRW is breaking back above the 1140........>

KOREA
KOREA: USDKRW is breaking back above the 1140 level once again as the break
higher in USDCNH puts pressure on the pair. The two currencies have been closely
correlated lately and the weaker yuan is yet another factor weighing on the
outlook for the won. 
- The Kospi has edged below yesterday's low, and while the market is looking
increasingly oversold, it would need a strong rally to justify the current
USDKRW level based on recent correlations. 
- Rate hike expectations are being unwound rapidly with the 2-year swap down
another 2.7bps today at 1.8830%, keeping US-Korean yield spreads at cycle highs.

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