Korea’s substantial current account surpluses have been fully recycled by capital account deficits
• Under-conversion of overseas FX receivables may be a source of KRW demand going forward
• Growth-inflation mix is broadly neutral for USD-KRW, b...
We revise near-term USD-KRW forecasts modestly higher given recent and prospective JPY weakness
• KRW faces short-term headwinds from largely external factors, but export competitiveness remains solid
• Leveraged funds: Buy 3M JPY-KRW put spreads ...
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