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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 sits just off session highs, last near 1356. Earlier highs were just above 1357. This was through Wednesday session highs, but saw little follow through. Pressure is evident from broader USD gains, and a slump in local equities. The Kospi isn't too far away from recent lows near 2400 in index terms. The chart below overlays the Kospi against USD/KRW (inverted). Correlations between the two series have been stronger in recent months, particularly compared to late last year/early this year.
- A break sub 2400 in the Kospi could see October highs in 1 month USD/KRW (near 1362) tested.
- The on-hold BoK outcome didn't appear to impact KRW sentiment much. The majority of the board are still open to a rate hike. Market pricing for 6 months ahead looks little changed.
- The local data calendar is empty until early next week when the first 20-days of trade data for October are due.
Fig 1: USD/KRW 1 Month (Inverted) Versus Kossi
Source: MNI - Market News/
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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