Free Trial
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.
KRW
Spot USD/KRW gapped higher at the re-open and last trades +4.75 figs at KRW1,117.15, but gains were limited by channel resistance at KRW1,117.81.
- South Korea's trade surplus shrank considerably more than expected to $388mn in Apr from $4.132bn seen in Mar (BBG est. was $3.105bn).
- Local Markit M'fing PMI moderated to 54.6 from 55.3, but IHS Markit commented that "April data marked a sustained improvement in the health of the South Korean manufacturing sector," flagging continued increases in crucial sub-indices.
- Worth noting that South Korea's 13-month ban on short-selling stocks has expired today. KOSPI has headed higher in early trade.
- South Korea's health authority warned of a looming vaccine shortage, with just 8.8% of the national stockpile of AstraZeneca jabs left.
- The weekend saw some verbal wrestling between North Korean & U.S. officials. Pyongyang accused the White House of "intent to keep enforcing the hostile policy toward the DPRK," following last week's congressional speech from U.S. Pres Biden, who dubbed North Korea's nuclear programme a "serious threat to American security."
- Veteran DP politician Song became the ruling party's chairman over the weekend, at a time when the party seeks to win back public confidence after losing mayoral by-elections in Seoul & Busan last month.
- Data-wise, focus turns to local CPI report (Tuesday) & BoP current account balance (Friday).
- A break above the aforementioned channel resistance would prompt bulls to target Apr 23 high of KRW1,120.80, followed by the 50-DMA at KRW1,123.38. Bears set their sights on channel floor at KRW1,101.70.
Fig. 1: USD/KRW
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok