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USDKRW is testing a key resistance.......>

KOREAN WON
KOREAN WON: USDKRW is testing a key resistance level at 1128 which marks the
triangle top from the Oct 30 high. A break would shift the outlook bullish and
mark a continuation of the pair's shift back towards levels more in line with
CDS-adjusted real yield spreads between the US and Korea. 
- The won weakness is occurring despite a rise in Korean yields but the gap
relative to the US remains extreme, only part justified by Korea's improved
external balance sheet as reflected in the country's still low CDS levels. 

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