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USDKRW is off its highs at 1130 but......>

KOREAN WON
KOREAN WON: USDKRW is off its highs at 1130 but remains up 0.4% on the day
following broad based dollar gains on the back of the Fed's hike. The pair deals
at 1127.7 still searching for direction.
- The dollar's gains came despite a further drop in yields as falling breakevens
keep real rates elevated. That said, Korea saw an even larger drop in breakevens
yesterday which has seen real yield spreads move in favour of the won in recent
trading. 
- Korean CDS markets refuse to follow US corporate yields higher which remains a
key factors keeping the won firm relative to prior periods of global risk
aversion. 

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