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USDKRW is managing to remain below............>

KOREA
KOREA: USDKRW is managing to remain below resistance at 1110 after breaking
below yesterday's low, with the Aug 29 low of 1106.9 the next downside target
level. Below here would potentially trigger a topping pattern, targeting 1100
and below. 
- Won strength comes despite a 0.5% drop in the Kospi and a drop in interest
rate swaps. 
- For the second consecutive day rates have given back early gains to trade
lower. The 2-year KRW swap is down 0.2bps after being up 1.5bps early today,
while the 10-year has shed 0.7bps to trade at 2.1350%, 9bps below last Friday's
high.
- The US-Korea yield spread continues to suggest that USDKRW should be trading
roughly 10% higher, but the trend remains bearish for now.
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