MNI BRIEF: Aussie Unemployment Rises To 4.1% In April

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1020 Thurs; -3.70% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1020 THURS VS 7.1049

MNI BRIEF: Focus Support For Cutting-Edge Tech - Ministry

Inflation Expectations Remain Well Anchored

Mainland GDP In Line With Consensus But Above Norges Bank MPR Forecast

MNI: NORWAY MAR MAINLAND GDP -0.2% M/M, AGG GDP +0.6% M/M

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

1 Month USD/KRW Tests Sub 1370 Amid Further Global Equity Gains

KRW
EM BulletHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

1 month USD/KRW tested support sub 1370 in Tuesday US trade. Broader USD sentiment was softer post the US PMI miss and lower yield backdrop. The 1 month NDF finished up near 1371.5, a won gain of close to 0.50% and offsetting all of Monday's weakness. Note onshore spot finished up yesterday at 1378.35.

  • Focus will be on whether we can break sub 1370 and sustain it today. The 20-day EMA sits close to 1364.50, while earlier April highs rest near 1355.
  • The tech equity mood continued to recover, with the SOX gaining a further 2.21% (post Monday's 1.74% gain), while the MSCI IT rose 1.79%, outperforming broader equity gains. An upbeat revenue forecast from Texas Instruments (announced late in the US session), may aid Asian chip names today.
  • To recap, the Kospi was down 0.24% yesterday, while offshore investors sold a modest $53mn of local shares.
  • We have already had the April consumer sentiment index print, which was unchanged. Inflation expectations edged slightly lower, but the BoK may need to see more evidence of improvement before easing policy or shifting to a strong easing bias.
184 words

To read the full story

Close

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.

1 month USD/KRW tested support sub 1370 in Tuesday US trade. Broader USD sentiment was softer post the US PMI miss and lower yield backdrop. The 1 month NDF finished up near 1371.5, a won gain of close to 0.50% and offsetting all of Monday's weakness. Note onshore spot finished up yesterday at 1378.35.

  • Focus will be on whether we can break sub 1370 and sustain it today. The 20-day EMA sits close to 1364.50, while earlier April highs rest near 1355.
  • The tech equity mood continued to recover, with the SOX gaining a further 2.21% (post Monday's 1.74% gain), while the MSCI IT rose 1.79%, outperforming broader equity gains. An upbeat revenue forecast from Texas Instruments (announced late in the US session), may aid Asian chip names today.
  • To recap, the Kospi was down 0.24% yesterday, while offshore investors sold a modest $53mn of local shares.
  • We have already had the April consumer sentiment index print, which was unchanged. Inflation expectations edged slightly lower, but the BoK may need to see more evidence of improvement before easing policy or shifting to a strong easing bias.