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Free AccessA Beat In Industrial Output Supports KRW
Spot USD/KRW reopened on a softer note, last sits -5.00 fig. at KRW1,189.40, off earlier lows. The rate showed at its worst levels since mid-March, playing catch up to yesterday's USD sell-off, inspired by jitters surrounding the POTUS' tweet calling for a delay to November election & expectedly horrific U.S. GDP figures. In addition, KRW drew some support from above-forecast South Korean industrial output data for June.
- Vice FinMin Kim commented that upbeat factory output figures raise the possibility of an economic rebound in Q3. On a M/M basis, production increased 7.2% vs. exp. of a 2.3% rise.
- A fall through the nearby Mar 11 low of KRW1,186.40 would please bears, opening up Mar 5 low of KRW1,179.90, followed by Feb 12 low of KRW1,176.40. Bulls need a push through the 200-DMA at KRW1,197.11 before targeting Jul 28 high of KRW1,202.50.
- South Korea reports its July trade data on Saturday.
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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.