Free Trial
JGB TECHS

(U2) Solid Bounce Into the Close

USDCAD TECHS

Bullish Price Structure

AUDUSD TECHS

Clears Key Support

EURJPY TECHS

Retracement Mode

COMMODITIES

Oil Supply Constraints Trump Lower Demand

USDJPY TECHS

Pullback Considered Corrective

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

Won Rallies More than 1%

KRW

Spot USD/KRW has dropped by more than 1% so far today, now down at the 1253 level, lows going back to late April.

  • Positive equities around the region, although Kospi gains are more limited, has helped, as has broadly weaker USD sentiment. Still, KRW is leading all comers, with the next best performer in terms of the majors being NZD at 0.60% on the day.
  • For other USD/Asia pairs the moves lower have in the 0.2-0.3% range for the most part. USD/CNH is well off early highs of +6.7800 to 6.75, but won gains are still much stronger.
  • Recall also the increased focus on FX stability on the part of the Korean authorities. It did make its way into the joint leader's statement released after the Biden-Yoon weekend summit.
  • While in of itself not a won positive, it probably discouraged fresh USD/KRW longs (i.e. with the view a break above 1300 has diminished as a near term risk).
  • Won bulls will be eyeing a break down through 1250. Note the 50 day MA comes in at 1245, which is also around the highs from mid March.
186 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.

Spot USD/KRW has dropped by more than 1% so far today, now down at the 1253 level, lows going back to late April.

  • Positive equities around the region, although Kospi gains are more limited, has helped, as has broadly weaker USD sentiment. Still, KRW is leading all comers, with the next best performer in terms of the majors being NZD at 0.60% on the day.
  • For other USD/Asia pairs the moves lower have in the 0.2-0.3% range for the most part. USD/CNH is well off early highs of +6.7800 to 6.75, but won gains are still much stronger.
  • Recall also the increased focus on FX stability on the part of the Korean authorities. It did make its way into the joint leader's statement released after the Biden-Yoon weekend summit.
  • While in of itself not a won positive, it probably discouraged fresh USD/KRW longs (i.e. with the view a break above 1300 has diminished as a near term risk).
  • Won bulls will be eyeing a break down through 1250. Note the 50 day MA comes in at 1245, which is also around the highs from mid March.