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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.
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Free Access1 Month USD/KRW Back Sub 1290, As US Real Yield Plunge Continues
1 month USD/KRW got to 1285.75 in NY trade amid broad USD weakness, led by +1% EUR gains. We ended the Thursday NY session at 1287.85, a won gain of nearly 0.40% and building on Wednesday's +1.43% rise. Note onshore spot finished yesterday at 1295.30.
- Won bulls will target a test of Nov lows in the 1 month NDF, which came in at 1281.73. All key MAs sit at 1300 or higher in the pair. The closest is the simple 20-day near the 1300 level.
- The won benefited from a further US yield pull back, as post FOMC sentiment continued to dominate. The real 10yr yield fell a further 18bps to 1.70%.
- The SOX gained 2.67%, while the MSCI IT was closer to flat. Broader equity trends in US markets remain positive, albeit with gains well below Wednesday levels.
- Offshore investors added $590.7mn to local equities yesterday, amid broad based gains.
- The local data calendar is empty today, but note the Finance Ministry releases a report on economic trends. BoK Governor Rhee will speak at a conference on digital money.
- Local news wires (Yonhap) are also reporting that North Korea may launch an ICBM in Dec (see this BBG link).
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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.