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USDKRW trades at 1123.1, in between up...>

KOREAN WON
KOREAN WON: USDKRW trades at 1123.1, in between up trendline support and the
55-dma, keeping the near-term outlook neutral. 
- The won looks more attractive versus the yen as KRWJPY consolidates last
week's gains following the bullish break above the 200-dma. The pair trade at
10.094 with the focus now on the Oct 1 high with a break above here needed to
shift the medium-term outlook positive. 
- The pair faces fundamental headwinds though in the form of a continued decline
in real yield spreads between the two countries, which should gradually
undermine the won's carry appeal. 

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