Free Trial
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.
KRW
Monday session highs in the 1 month NDF were close to 1339, but we spent most of the post Asia close period in a tight range. The pair ended NY Monday trade at 1337.25, a won loss of just over 0.40%. Note onshore spot ended Monday at 1338.80, so similar levels.
- 1 month USD/KRW remains comfortably above all key EMAs, which sit near 1320 and lower. Still, selling interest may emerge on any renewed spikes above 1340/45, as these levels coincided with a step up in verbal rhetoric from the authorities around FX weakness last week.
- On the data front we have already had Dec PPI print. It came in at 1.2% y/y, versus 0.6% prior. We are up from mid 2023 trough points for the PPI trend (sub 0%), but the trend doesn't look threatening at this stage.
- The data calendar is quiet until consumer confidence prints, early on Wednesday.
- In the equity space, the tech leads remained positive on Monday, with both the SOX and MSCI IT climbing. To recap, the Kospi lost 0.34% yesterday, with negative spill over from China/HK moves likely a factor. This trend has been evident for a few weeks now, see the chart below of the Kospi versus MSCI IT index.
- We did see offshore investors add $191.8mn to local shares though for Monday's session.
Fig 1: Kospi and MSCI IT Index
Source: MNI - Market News/Bloomberg
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok