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USDKRW is rallying today after a.........>

KOREAN WON
KOREAN WON: USDKRW is rallying today after a strong open with the pair trading
at 1117.0 and threatening to break back above neckline
support-turned-resistance. The 21 and 55-dmas also converge at 1120.0 and a
break back above here would suggest further gains.
- Manufacturing PMI came in at 49.9 today, up slightly from 48.3 in July but
marking the sixth consecutive month of a sub-50 reading. 
- With the spread of US-Korea 2-year nominal and real swap rates continuing
their march higher, the fundamental outlook for the won is deteriorating
rapidly. 
- Q2 final GDP, August CPI, and August reserves data are all scheduled to be
released tomorrow and could give some indication of the likelihood of BOK rate
hikes over the coming months. However, the pair is likely to remain more at the
mercy of global trends. 

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