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USDKRW was unable to break back below the.....>

KOREA
KOREA: USDKRW was unable to break back below the 1120 level despite early
weakness. The weak unemployment figure which jumped to 4.4% vs exp. of 3.8% and
December's 3.8% is perhaps weighing on the won while broader dollar weakness is
supporting it. Implied volatility continues to crash, with the 1 months heading
towards the 6.0 level. KRWJPY is off its highs but still up on the day as broad
risk appetite improves, thanks in part to headlined from SCMP that President Xi
will attend trade talks this Friday. 
- The unemployment spike has not prevented a rise in Korean swaps with the rally
in the Kospi finally putting some upside pressure on the space. The 10 year is
up 0.75bps after holding above the Jan lows earlier in the week. 

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