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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 was lower post the Asia close on Thursday, the pair getting sub 1322 before some support kicked in. Earlier highs in the pair were at 1330. The 1 month NDF was 0.45% higher for the session. Note onshore spot ended yesterday at 1330.9.
- 1 month USD/KRW is now sub the 50-day EMA (1325.8), the 100-day is very close to end Thursday levels in NY (just above 1322). The 20-day sits higher, near 1329, see the chart below.
- Won sentiment had twin supports from lower US yields and the better global equity tone. The SPX hit a record high, but tech related indices also outperformed. The SOX surged a further 3.36%, while the MSCI IT index gained 1.81%.
- To recap, the Kospi rose a modest 0.23% yesterday, while offshore investors sold -$394.4mn.
- Earlier we had data on the Jan goods balance and current account. The goods balance surplus fell to $4240.4mn, from just over $8000mn. The current account printed at $3045.7mn, versus $7414.6mn prior. The current account surplus is still well above the deficit trough point from early 2023.
- The data calendar is fairly light until the second half of next week, when the unemployment rate is due for Fe, along with trade prices.
Fig 1: USD/KRW 1 Month Versus Key EMAs
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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