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USDKRW remains just clear of support.....>

KOREAN WON
KOREAN WON: USDKRW remains just clear of support at 1130.25 despite giving back
early gains, and a bull flag appears to be forming suggesting further upside. 
- While Korean interest rate swaps are on the rise, real yield spreads vs the US
continue to head in the latter's direction which should drive dollar
appreciation.
- Another problem facing the won is the potential for a rise in CDS spreads.
While Korea's economic fundamentals are solid, a rise in global risk aversion,
and particularly a rise in US junk bond yields, could drive a spike in Korea's
CDS, triggering a move higher in USDKRW. 
- The pair tends to be driven equally by real yield spreads and CDS spreads.

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