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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.
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Free Access1 Month USD/KRW Eyeing Downside Test Amid Supportive Tech Equity Backdrop
1 month USD/KRW had a volatile post Asia close on Tuesday. From highs around 1327 we pulled back sharply to ~1316.5 in NY trade before ending the session around 1318.50. The won benefited from a broader pull back in USD sentiment, as US yields fell sharply post data misses. Recent lows near 1316 remain intact though. Higher equities also helped. Spot USD/KRW finished yesterday onshore at 1321.80.
- The local data calendar is empty today, with July IP out tomorrow, followed by August trade figures on Friday.
- Finance Minister Choo appears before parliament today at 10am local time, which follows the government's budget proposal for 2024 yesterday, which indicated a 2.8% rise in spending next year, the lowest increase in a few decades (see this link).
- The lead for the Kospi is a positive one today, the SOX rose 2.59%, the MSCI IT +2%, with gains outperforming aggregate US moves. The real US 10yr yield fell back to +183bps, recent highs rest at +200bps, amid weaker jobs and consumer confidence data.
- To recap, the Kospi rose 0.34% yesterday, while offshore investors sold a modest -$20.1mn of local equities.
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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.