	Symbol	Bid	Ask
	EURUSD	1.2853	1.2856
	GBPUSD	1.5043	1.5046
	USDJPY	103.16	103.19
	USDCHF	0.979	0.9793
	USDCAD	1.037	1.0373
	EURJPY	132.6	132.63
	EURCHF	1.2584	1.2589
	GBPJPY	155.15	155.22
	GBPCHF	1.4728	1.4735
	GOLD	1369.11	1369.71
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Research: Buy a 1m Jpy/krw Put

Quotes from Barclays Capital:

-Buy a 1m JPY/KRW put (strike: 13.83, 25-delta) for 55bp JPY (ref: spot 14.09).Current spot: 14.07

Rationale: KRW set to benefit from firm US and Chinese final goods demand. Activity growth recovering, supported by tech cycle upswing. Inflation expectations are elevated KRW is cheap according to our model.

Political risks passed: inauguration of Kim Jung Un; North Korean missile launch and South Korean parliamentary elections. We remain bearish JPY

Key risk to the trade: North Korea responds with further "sabre-rattling". BoK intervenes to cap won strength.

Published: 2012-05-03 09:10:00 UTC+00

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See also: Current support and resistance levels

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May 22 at 22:12 UTC