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Free Access1 Month USD/KRW Back Above 1300, Despite Improved Equity Tone
1 month USD/KRW finished the NY session on Wednesday around 1304, just off session highs. The won lost 0.76% through Wednesday's session (in NDF terms), while onshore spot closed yesterday at 1302.90. Won weakness came despite a further recovery in global equity market sentiment, with tech related indices outperforming broader moves.
- One negative for the won was the rebound in USD/JPY, with this pair up around 1.5%, with the 1 month USD/KRW displaying a 50% beta with respect to this move. Recent highs in 1 month come in around 1307/08 and then beyond that the 1311 level.
- On the data front, we have already had manufacturing sentiment, which edged higher to 69. from 66. Non-manufacturing sentiment rose to 75 from 74. This follows yesterday's better consumer sentiment reading, suggesting tentative signs of a less adverse economic backdrop.
- Locally, the other focus point with the National Assembly vote on tax breaks for the semiconductor industry, while the Finance Ministry will also release its April bond issuance plan. US Trade Representative Tai will also hold a meeting with her counterpart in Seoul today.
- The WGBI decision is also expected post the US close this morning on whether Korean bonds will be included in the index, although recent commentary has suggested FTSE/Russell need more time to elevate changes made by the South Korea authorities.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.