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USDKRW trades at 1116.4 last as the......>

KOREAN WON
KOREAN WON: USDKRW trades at 1116.4 last as the won benefits from a surge in
global risk appetite on the back of the stabilisation in US-China trade
relations. The pair trades off its daily lows of 1114.45, still below the Nov 9
lows as the Kospi trades off its highs but still up ~1% on the day. 
- KRWJPY is up 0.4% on the day but has so far failed to post a new high, with
the 10.3 level capping gains so far ahead of the Nov 9 high. 
- The improvement in global risk appetite is outweighing the impact of a
re-widening of US-Korea interest rate swap spreads and the bounce in oil prices
which tend to raise Korean inflation expectations relative to the US and put
upside pressure on US-Korea real yield spreads. 

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