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USDKRW is up 0.4% at 1126.9 as the.......>

KOREAN WON
KOREAN WON: USDKRW is up 0.4% at 1126.9 as the pair benefits from continued risk
aversion which has seen some upside pressure on Korean CDS spreads. The cross is
off its daily highs and remains stuck in the middle of its two-week range. 
- The won is weaker despite the narrowing of US-Korea yield spreads which have
been pressured by news over the weekend that Trump has discussed firing Fed
Chair Powell. While the administration has sought to assure markets that
Powell's job is safe, US yields are lower at the short end. 
- US-Korea 2-year swaps spread sits at 94.4bps, the lowest level since
September, but general risk aversion has negated any upside pressure on the won.
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