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USDKRW is trading flat today at..........>

KOREAN WON
KOREAN WON: USDKRW is trading flat today at 1108.7, within the range established
yesterday as the broader trend remains bearish.
- The won's strength comes in spite of the renewed weakness in the Chinese yuan
over recent days, which has seen the CNHKRW cross hit a new cycle low at 162.2.
- KRWJPY is also pushing higher, hitting a two-month high today at 10.07 as the
200-dma resistance approaches. 
- The won's relative strength comes despite continued weakness in interest rate
expectations with the BOK expected to remain on hold on Friday and hike by only
one 25bps move over the coming years. 
- The 2-year interest rate swap spread between the US and Korea continues to hit
new highs, currently at 97bps, making the won at risk from a medium-term
perspective. 

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