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COMMODITIES

Oil in Holding Pattern, Close to Highs

RUSSIA

CBR Raises Key Rate +100bp to 6.5%

OUTLOOK

Markit Mfg, Services PMIs

EQUITIES

Stocks Resume Incline After Thursday Pause

UK T-BILL AUCTION RESULTS

GBP3.0bln Of 1-/3-/6-Month Bills

KOREAN WON
KOREAN WON: USDKRW is trading just off its daily lows at 1116.50 as bears appear
to be in control for now. A close below the 21-dma would end the weak on a
bearish note as a potential topping pattern comes into play. A break below
1106.9 would be needed to confirm the downtrend. 
- The won's gain are not supported by real yield spreads between Korea and the
US, which continue to head in the USD's favour as inflation expectations in
Korea head higher. Historical correlations between USDKRW and US-Korea real
yield spreads suggest the pair should be trading ~7% higher at around 1200.