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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 closed the Monday NY session just under 1301, unable to sustain moves sub the 1300 level. Still, we spent most of the Monday session tracking lower, after opening higher near 1309. Note onshore spot finished yesterday at 1308.25. For the 1 month NDF, the 100-day MA is acting as a support point on the downside, see the chart below. Note onshore markets are closed today for the Memorial Day holiday.
- The local data calendar remains light this week, leaving the won at the whim of offshore drivers/equity sentiment.
- The SOX lost 1.64%, the MSCI IT -0.37% in Monday trade, amid broader equity losses. To recap, the Kospi rallied a further 0.54% yesterday, although offshore investors sold -$35mn of local shares.
- The South Korea Finance Ministry also stated it aims to achieve $200bn in service exports by 2027 and $250bn by 2030, as it aims to narrow the gap with manufactured exports. This will be focused on travel, medical and ICT service areas.
Fig 1: USD/KRW 1 month Finding Some Support Ahead Of 100-day MA
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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