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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
The won is comfortably the weakest performer within the Asian FX space so far today. Spot is back around the 1319/20 level, more than 1.30% weaker in won terms versus Friday's close. The 1 month NDF has lost 1% since the open to be in the 1316/17 region, although we are slightly below session highs (1318.30). We are now within striking distance of late Feb/early Mar highs for the pair. Also note the simple 200-day MA is nearby, just under 1324.
- Moves above the 200-day MA have been selling opportunities since we broke back below this support point in early Dec last year, see the chart below.
- The won is showing its sensitivity to both oil price moves and a softer equity backdrop. Onshore equities are underperforming the tech related bounce we saw on Friday, with weaker Nasdaq futures (off by around 0.65%). The Kospi is slightly weaker so far today.
- So far offshore investors have sold around $75mn of local shares.
Fig 1: USD/KRW 1 Month Approaching Simple 200-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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