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KRW On The Defensive, Early JPY Strength Fades

FOREX

Early Asia trade saw the JPY benefit from defensive flows surrounding the Chinese tech space and the latest North Korea projectile launch. That bid has faded a little, with USD/JPY printing back above Y116.00 after showing as low as Y115.90 in Tokyo dealing.

  • Commodity-tied FX nudged lower on the back of those defensive flows, although broader FX trade was limited, with the major USD crosses trading within 10 pips of Tuesday’s closing levels ahead of European dealing.
  • The KRW has traded on the backfoot, with the latest North Korean missile launch weighing on both the currency and KOSPI, with the downtick in the KOSPI (linked to the broader tech space woes) likely weighing on the KRW. USD/KRW is printing just shy of the KRW1,200 level as a result (a level not tested since October). Note that there is some market speculation that Korean authorities could step in to limit KRW weakness around this psychological level.
  • Final services & composite PMI data from the Eurozone headlines the pre-NY docket, while U.S. ADP employment data and the minutes from the most recent FOMC decision will garner most of the attention later on Wednesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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