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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.
FOREX
- We have seen that the sharp CNY depreciation in recent weeks has been weighing on EM FX, including KRW, which is approaching the 1,300 level (2009 highs vs. USD).
- In addition, JPY has been appreciating sharply this week as global risk off environment has led to a significant consolidation in LT bond yields.
- JPYKRW, which has historically been very sensitive to a sudden rise in price volatility, has been consolidating higher after reaching a local low at 9.57 in the end of April.
- The pair found resistance at 10.1130 earlier today, which corresponds to the 23.6% Fibo retracement of the 9.57 – 11.87 range.
- Next level to watch on the topside stands at 10.1860 (100DMA).
Source: Bloomberg/MNI
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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