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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 has probed higher in earlier dealings, but has seen some selling interest above 1354. The pair was last just under this level, around 0.20% weaker in won terms versus Wednesday closing levels in NY.
- In terms of upside levels October 19 highs were just above 1358, while near the start of the month we got to 1361.60. A break above this level would mark fresh YTD highs in the 1 month NDF.
- The weaker local equity backdrop amid broader tech headwinds (softer earnings guidance in the US, higher yields etc) is a weight on the won. The Kospi is down 1.75% so far today. Still, the 1 month NDF is outperforming against this weaker trend, see the chart below (note the 1 month NDF is inverted on the chart).
- Earlier slightly better than expected Q3 GDP data didn't lift sentiment, while the FinMin stated that the economy is on track to growth 1.4% this year, with an export led recovery expected for the rest of this year.
Fig 1: Kospi Versus 1 Month USD/KRW (Inverted)
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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