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USDKRW is trading at 1133.0 after last........>

KOREA
KOREA: USDKRW is trading at 1133.0 after last week's false break above 1140.0
keeps the horizontal range intact. However, upside fundamental pressure is
growing as wide and rising US-Korea real yield spreads continue to support the
dollar and Korea's CDS spread is showing some upside, which has typically caused
won weakness.
- Korea's CDS spread remains very low with the 10-year at just 62.8bps, thanks
in part to the country's solid external balance sheet. However, last week's
global equity market selloff triggered a rise in CDS spreads, supporting USDKRW
and showing how the pair remains susceptible to global risk-off trends.  

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