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USDKRW was unable to remain below 1100........>

KOREA
KOREA: USDKRW was unable to remain below 1100 yesterday and is now testing
resistance at 1114.65. A break above here would shift the short-term outlook
bullish, targeting the gap left around 1120 on the hourly chart. 
- Industrial production beat expectations but the cyclical leading index came in
weaker than expected, leaving the data picture mixed. 
- Korean interest rate swaps continue their rally, with the 2-year adding
another 0.4bps today to trade at 1.9663%, causing the US-Korea 2-year spread to
edge down to 102.8bps, a three week low. 
- That said, the yield spread is still very much in the dollar's favour and
historical correlations between USDKRW and real rate spreads suggest the pair
should be trading ~10% higher. 

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