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Free AccessUSD/KRW making fresh highs in early trade
Headwinds still persist for the Korean currency.
- USD/KRW 1 month NDF is opening around 1283 this morning, spot is slightly below this level. Yesterday spot closed around 1275, while the1 month NDF finished the NY session around 1280.
- Yesterday we saw continued foreign equity selling, $235mn, bringing week to date sales to just over $600mn. Today could be another challenging one for sentiment, following weaker leads from US shares and US listed China tech stocks overnight.
- Local wires report the new government plans to scrap stock capital gains tax for most share holders. However, the proposal still has to pass parliament.
- Risk reversals remain elevated, the 1 month at 1.51 and 3 month at 1.81, but both are below March highs and as we noted yesterday are well below 2020 peaks.
- The South Korean finance ministry again reiterated yesterday that it stands ready to stabilize markets, but resolve around FX levels could be tested further.
- There isn't much in the way of local data to note on Thursday, with just money supply figures on tap.
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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.