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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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Free AccessBRIEF: ECB's Panetta-Time To Start Thinking Of NGEU Successor
MNI China Daily Summary: Wednesday, Aug 21
1 Month USD/KRW Dips Back Below 1300
USD/KRW 1 month NDF pulled back sharply from post Asia close highs of just under 1305 to nearly 1295. We closed in NY just above 1297, while onshore spot ended yesterday's session at 1297.55.
- Tech related equities were lower overnight, although the VIX index finished sub 29%, which provided some relief for the risk sensitive won.
- The sharp pullback in US yields and broadly softer USD sentiment helped keep USD/KRW sub 1300.
- Trends in equity markets remain a headwind for the won though. To recap, yesterday the Kospi dropped 2.74%, while offshore investors sold $285.7mn in local equities. Week to date outflows are now over $1bn.
- There could also be more focus on geopolitical tensions today. North Korea Leader Kim Jong Un has presided over a Central Military Commission Meeting for the first time in a year.
- This could set the stage for the first nuclear test by North Korea since 2017, while headlines that North Korea is discussing revising operational plans for its frontline units will also likely draw South Korea/US attention.
- Earlier, PPI data printed at 9.7% for May, unchanged from a revised 9.7% rise in April.
- BoK Senior Deputy Governor Lee stated at a domestic forum that the central bank needs to tame inflation through pre-emptive policy and that the negative impact on growth from higher rates is limited.
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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.