China's growing economic troubles will weigh on Korea and add to greater uncertainty over its growth outlook. 

USD/KRW closed above its YTD high at 1,345 but didn’t manage to push higher given signs of exhaustion in the USD based on momentum indicators.

We still remain bearish on the USD in the 2H and don't expect USD/KRW to revisit its YTD high again but prefer to take a nimble view given choppy price action amidst the summer season.