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USDKRW is trading back below 1135 as.....>

KOREAN WON
KOREAN WON: USDKRW is trading back below 1135 as global risk appetite has
improved, keeping the pair within its multi-month range. This comes even as the
Kospi's rebound from yesterday's multi-year lows has been relatively weak,
particularly relative to the rebound in US stocks. 
- 2-year interest rate swap spreads between the US and Korea have edged lower,
currently at 112bps, which has eased some of the upside pressure on the pair,
but real yields remain firmly in the USD's favour suggesting further medium-term
gains.
- KRWJPY found support yesterday ahead of range lows at 9.80, keeping the
short-term range intact, even as real yield spreads continue to favour yen
outperformance. 

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