Forex News: USD/KRW likely to keep upward bias in near term due to rising oil, commodity prices; but "there is reason to believe the worst of the won-selling is behind us," says Westpac's senior currency strategist Sean Callow. Westpac tips Nymex crude to hit $155/bbl by 4Q08, thus difficult to be too bullish on KRW. Still, hefty foreign selling in local stock market since 2006 eased lately; "we wouldn't expect sizable net inflows any time soon but the worst of the unwind of Korean equities seems to be behind us," Callow adds. Also, "unattractiveness of foreign equities to Korean investors" easing pressure on KRW. Strong exports also worth noting; "despite the explosion in commodity prices," Korea's exports rose healthy 23% on-year in 2Q vs +17% in 1Q, +14% in 2Q07. USD/KRW at 1008.30 vs 929.90 last year's average, 1050.40 earlier this month.
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