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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
1 month USD/KRW enjoyed a sharp pull back in NY trade on Monday. From above the 1350 region we fell back to 1341/42. We closed near 1341.60, with the won recording a 0.49% gain for the session. Note onshore spot ended yesterday at 1353.70, so the early impetus is likely to be to the downside when spot opens later this morning.
- This puts the 1 month USD/KRW NDF sub its 20-day EMA (~1345), but breaks sub this level haven't proven sustainable in recent months, see the chart below.
- The won was aided by the pull back in US yields, with the 10yr rejecting the 5.00% handle, which weighed on the USD more broadly.
- Equity sentiment was mixed across the major markets. In the tech space, the SOX fell 0.53%, while the MSCI IT index gained 0.32%. To recap, the Kospi fell 0.76% yesterday, with offshore investors selling -$134.8mn of local shares.
- On the data front today we have already had the PPI for September. It rose 1.3% y/y (prior 1.0%), up 0.4% m/m (prior 0.9%). Due later today is local resident monthly data on FX deposits, released by the BoK.
Fig 1: 1 Month USD/KRW & Key EMAs
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.
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