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USDKRW is trading very stable in early........>

KOREA
KOREA: USDKRW is trading very stable in early Asian trading, managing to stay
below the 1110 level amid a host of mixed economic data. Bears look to target
the Aug 28 low at 1106.9. 
- Korea's Manufacturing PMI came in at a solid 51.3 in Sep, up from 49.9 in Aug.
A broad-based improvement was seen with the exception of the export sector which
felt the impact of slower sales to China and Japan. The weak trade outlook
corroborates the 8.2% y/y drop in exports seen in Korea's trade data earlier
today. 
- An improvement in the labour market was seen in the PMI report with employment
growth accelerating to a 5-year high. Given the BOK's focus on labour market
improvements as a prerequisite for further hikes, this should be positive for
rate markets, with the 2-year swap edging 0.25bps on the day to trade at
1.9425%.

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