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USDKRW trades at its daily highs of......>

KOREAN WON
KOREAN WON: USDKRW trades at its daily highs of 1120.40, rising 0.6% from its
daily lows. 
- Department store sales came in strong from July at 5.4% y-o-y, up from 1.8% in
June, but this has failed to extend the rally in Korean swaps, which jumped on
Friday, with the 2-year now trading at 2.0050%, narrowing its spread with the US
to 87bps. 
- Despite this slight narrowing of the spread, USDKRW remains lower than
justified by US-Korea real yield spreads, which should continue to put
fundamental upside pressure on the pair. 

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