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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.
KRW
Moves above 1350 in the 1 month USD/KRW were faded on Monday. By late NY trade the pair was back closer to 1345, amid broader USD weakness. Higher US TSY futures helped won sentiment, along with a positive equity close for the major US indices.
- Note onshore markets return today from yesterday's holiday. Friday's onshore spot close for USD/KRW was 1350. Onshore equities closed Friday near 2400, close to multi month lows back to March of this year.
- In Monday US trade, tech related equity indices were mixed. The SOX fell -0.23%, while the MSCI IT index rose 0.39% though.
- Recent Kospi weakness has diverged from the MSCI IT equity index, see the chart below. Offshore investors have also been net sellers of local equities in October to date (-$750.9mn).
- On the data front, prints resume tomorrow, with August goods balance and current account data, which are not typically market/sentiment movers.
Fig 1: Kospi Lagging MSCI IT Improved Trend
Source: MSCI/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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