USDKRW trades at daily highs at..........>

KOREAN WON: USDKRW trades at daily highs at 1132.20, gaining ~0.5% as the

fundamental backdrop for the won is deteriorating amid increased global risk

aversion and an uptick in US yields. 

- KRWJPY has broken below range lows to trade at 9.962 as the pair consolidates

its fall below the 200-dma. 

- Korea's 10-year CDS jumped 2.7bps yesterday to fresh 4-month highs as wider US

corporate credit spreads spilled over into EM. Rising CDS spreads are putting

increased downside pressure on the won even as Korean interest rate swaps have

recovered some losses. 

- Comments by Hong Young-pyo, the ruling Democratic Party's leader on the floor

of the National Assembly, that President Trump is undermining America's

diplomatic and military ties with South Korea, is also adding to won headwinds,

as is the slowdown in import and export growth seen in the first 20-days of Nov.