That’s a significant improvement and we may see USD/KRW re-test yesterday’s break-up level at 1141.50 when the market opens in an hour’s time.

It might be a long bow to draw, but an improving Korean jobs outlook and an improving Chinese trade balance would seem to infer that the regions economic powerhouses are doing ok. If this trend is repeated in tomorrow’s Chinese GDP data, then we may well see a sharp short-covering of risk-off trades (like short AUD).