MNI China Daily Summary: Monday, October 28

RPT-MNI INTERVIEW2: Trump Stagflationary For EZ-ECB's Wunsch

MNI BRIEF: PBOC Launches Outright Reverse Repo For Liquidity

MNI: PBOC Net Injects CNY32.7 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1307 Mon; +2.71% Y/Y

CHINA PBOC CONDUCTS CNY241.6 BLN VIA 7-DAY REVERSE REPOS MON

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL OCT INDEX 70.5

MNI: BELGIUM OCT BNB BUSINESS SURVEY -12.8

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

ASIA FX: Won Outperforms As Verbal Jawboning On FX Continues

ASIA FX
GlobalEM BulletBulletAPACEmerging Market NewsRegion

In North East Asia FX, won gains have been a standout. Spot USD/KRW sits under 1385 in latest dealings, around 0.40% stronger for the session. Recent highs in the pair rest at 1391.6. 

  • Won gains have likely been spurred by a pick up in rhetoric around FX weakness from the authorities. Both the BoK Governor and FinMin remarking on volatility over recent sessions. The BoK Governor also stating it could impact the policy outlook. Such remarks may be encouraging some exit out of long USD/KRW positions. The won has still lost 5% for Oct, even after today's modest rebound.  
  • A better equity tone as the onshore session for South Korean stocks has unfolded, with markets up over 1%, has also likely helped at the margins.
  • USD/CNH got to a fresh high for Oct at 7.1498 in early dealings. Broader USD sentiment was stronger amid yen losses (post the weekend election result) and a firmer UST yield backdrop. However, we have since stabilized, last near 7.1455/60. Dips towards 7.1400 this afternoon have been supported.
  • USD/TWD has been relatively steady, holding close to 7.05/10 in latest dealings. 
185 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.

In North East Asia FX, won gains have been a standout. Spot USD/KRW sits under 1385 in latest dealings, around 0.40% stronger for the session. Recent highs in the pair rest at 1391.6. 

  • Won gains have likely been spurred by a pick up in rhetoric around FX weakness from the authorities. Both the BoK Governor and FinMin remarking on volatility over recent sessions. The BoK Governor also stating it could impact the policy outlook. Such remarks may be encouraging some exit out of long USD/KRW positions. The won has still lost 5% for Oct, even after today's modest rebound.  
  • A better equity tone as the onshore session for South Korean stocks has unfolded, with markets up over 1%, has also likely helped at the margins.
  • USD/CNH got to a fresh high for Oct at 7.1498 in early dealings. Broader USD sentiment was stronger amid yen losses (post the weekend election result) and a firmer UST yield backdrop. However, we have since stabilized, last near 7.1455/60. Dips towards 7.1400 this afternoon have been supported.
  • USD/TWD has been relatively steady, holding close to 7.05/10 in latest dealings.