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Free Access1 Month USD/KRW Can't Break Sub 1325, Tech Equity Weakness A Headwind
1 month USD/KRW couldn't sustain a break sub 1325 in Tuesday trade. We ended the NY session at 1325.35, a won gain of 0.49%, although much of this was seen in the Asia Pac session. Note onshore spot closed yesterday at 1327.55.
- Broader ranges for 1 month USD/KRW remain intact. Recent lows rest at 1318.7 (pre US NFP from last week). The 20-day EMA is close by to current levels, near 1327. Firmer resistance is likely on a move back towards 1340.
- The wedge between broader USD indices and the 1 month NDF has closed somewhat, but that's largely due to weaker USD levels.
- On the data front today we have Dec goods balance and current account figures.
- In the equity space, in Tuesday trade we had the SOX slip 1.14%, while the MSCI IT eased by 0.29%. These moves underperformed broader market trends. This may also help explain the inability for the 1 month NDF to break sub 1325 in US trade.
- To recap, the Kospi fell by 0.58% yesterday, but offshore investors added $229.5mn to local stocks.
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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.