© 1982-2022 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial
CANADA

RBC: Consensus Call For Headline CPI

US TSYS

Fed Firmly Focused on Inflation

EURGBP TECHS

Finds Support

US STOCKS

Late Equity Roundup, Extending Gains Late

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Topics

Market Eyes 2020 Highs Just Under 1300

KRW
EM Bulletmarkets-real-timeBulletMarketsEmerging MarketsForeign Exchange

The USD/KRW 1 month NDF held above 1290 for much of post-Asia trading, with dips below this level supported. Spot won dipped over 1% vs. the USD yesterday (USD/KRW spot closed at 1288.50).

  • The break above 6.8000 in USD/CNH didn't help won sentiment, with USD/KRW's beta close to 1 with respect to USD/CNH moves.
  • Negative spill over from China's covid situation, (Beijing denied the city was heading into a lockdown), and major developer Sunac's default can weigh today.
  • JPY/KRW also surged, up 2.2%, as yen shorts were unwound across the board.
  • Net equity outflows persist, with a further $268mn in net outflows yesterday, bringing week to date outflows to $871mn.
  • Locally, new President Yoon Suk Yeol will hold a meeting with BoK Governor Rhee Chang-yong and Finance Minister Choo Kyung-ho to review the economy and financial markets.
  • Inflation concerns are likely to be the main focus, a point underscored by import price data released earlier today. YoY is still at +35%, although the MoM print did register a small fall.
170 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

The USD/KRW 1 month NDF held above 1290 for much of post-Asia trading, with dips below this level supported. Spot won dipped over 1% vs. the USD yesterday (USD/KRW spot closed at 1288.50).

  • The break above 6.8000 in USD/CNH didn't help won sentiment, with USD/KRW's beta close to 1 with respect to USD/CNH moves.
  • Negative spill over from China's covid situation, (Beijing denied the city was heading into a lockdown), and major developer Sunac's default can weigh today.
  • JPY/KRW also surged, up 2.2%, as yen shorts were unwound across the board.
  • Net equity outflows persist, with a further $268mn in net outflows yesterday, bringing week to date outflows to $871mn.
  • Locally, new President Yoon Suk Yeol will hold a meeting with BoK Governor Rhee Chang-yong and Finance Minister Choo Kyung-ho to review the economy and financial markets.
  • Inflation concerns are likely to be the main focus, a point underscored by import price data released earlier today. YoY is still at +35%, although the MoM print did register a small fall.