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USDKRW is under downside pressure today.......>

KOREA
KOREA: USDKRW is under downside pressure today after breaking below Friday's low
to trade at 1127.8. The gap left on Oct 4 is the next downside target
corresponding with the 55-dma, and a break below here would give bears the
momentum to challenge the range lows just below 1110.0.
- Volatility has picked up over the past week despite its historical drivers -
real rate spreads vs the US and CDS spreads- remaining calm. 
- Rising nominal 2-year rate spreads between the US the and Korea and a
narrowing of inflation expectations differentials leaves US 2-year real yields
testing new all-time highs in the US's favour, suggesting the medium term
outlook is won bearish. 

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