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  • KRW lowered to Neutral from Overweight - Updated Mon March 11, 2013

    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 ...

  • Take profit on our remaining long KRW vs. G3 - Updated Thu November 29, 2012

    US fiscal cliff concerns, policy and positioning may limit KRW gains near-term • We believe now is the time to take profit on our remaining long KRW position vs. G3 • We remain medium-term bullish on KRW on external balances, valuation and bond fl...

  • Take profit on half of our long KRW vs. G3 - Updated Fri November 23, 2012

    Recent comments from Korean authorities indicate a more vigorous response to KRW gains • Based on these comments and the recent rally in the KRW we believe it is prudent to reduce KRW risk • Fundamentally, we remain bullish on the KRW on external ...

  • Taking profit in the Real Money Portfolio - Updated Fri November 2, 2012

    We are taking profit in the Standard Chartered FX Real Money Portfolio • Short positions in the JPY and the INR, alongside longs in the KRW and the CNY, have worked well • The US election brings near-term event risk ahead of likely protracted n...

  • Add to long KRW vs. a basket of USD, EUR and JPY - Updated Wed October 24, 2012

    We are bullish on KRW on external balances, growth rebound and valuation • Korea’s high credit rating and liquid bond markets should support CB reserve diversification into KRW • We recommend adding to long KRW vs. USD/EUR/JPY given our bearish vi...

  • Buy KRW versus a basket of USD, EUR and JPY - Updated Fri October 5, 2012

    We are bullish on KRW on external balances, growth rebound and valuation • Korea’s high credit rating and liquid bond markets should support CB reserve diversification into KRW • We recommend buying KRW vs. USD/EUR/JPY given our bearish view on EU...

  • Re-entering the Real Money Portfolio - Updated Fri October 5, 2012

    • We are re-entering the Standard Chartered FX Real Money Portfolio • The portfolio uses EUR and JPY as funding for longs in EM currencies (except INR) • Flush liquidity conditions drive a re-leveraging dynamic; we pre-position for better econom...

  • Standard Chartered Transaction Flows – August - Updated Fri August 17, 2012

    • Our SCTF Position Index shows clients remain substantially short USD vs. KRW, CNY, INR and SGD • Clients in aggregate reduced USD shorts in July vs. CNH, CNY, KRW, TWD, SGD; increased vs. INR, MYR • Custodian clients are substantially short USD ...

  • Take profit on long KRW versus 50/50 USD and EUR - Updated Tue August 14, 2012

    August has seen substantial inflows into Korean equities, but the KRW advance is stalling • Risk appetite readings are now retreating, flagging risks for high-beta currencies such as the KRW • Fundamentally, we still like the KRW medium-term an...

  • Hedging strategies in USD-AXJ - Updated Fri July 27, 2012

    • Europe continues to represent the major risk to Asian economies and currencies • But China’s policy easing should help provide a more solid footing for Asian growth in H2 • North-East Asian currencies, notably the KRW, should lead the recovery i...



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