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USDKRW trades just off its highs up......>

KOREAN WON
KOREAN WON: USDKRW trades just off its highs up ~0.5% on the day at 1125.5. 
- The pair is being lifted in part by risk off flows and in part due to dovish
comments by Governor Lee Ju-yeol who told reporters that inflation is likely to
be less than estimated and the Fed's stance may have a bigger impact on monetary
policy than in the past. This follows comments made on Dec 31 that there's a
need to maintain accommodative monetary policy.
- Korean PMI remained below the 50 level in Dec, coming in at 49.8 versus Nov's
48.6. 
- 2-year swap spreads between US and Korea have widened back out slightly
following recent weeks of narrowing, despite the Korean 2-year trading at fresh
cycle lows of 1.78%.

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