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USDKRW opened higher this morning but....>

KOREAN WON: USDKRW opened higher this morning but gains were resisted by the
21-dma and neckline support-turned-resistance, which has seen the pair edge back
down to 1116.6. The 1120 area will be key for bears to defend to keep the
double-top formation in play.
- Fundamentally the combination of declining real interest rates relative to the
US and an elevated real effective exchange rate puts the won at risk should 1120
give way.  

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