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Free AccessKorean Authorities To Prevent One-Sided FX Moves
1 month USD/KRW printed above 1307, which is fresh cyclical highs, post the Asia close. We fell back sub 1300 and closed at 1299.60 in NY. Note spot closed yesterday at 1301.55.
- The overnight leads for Korean equities were mostly positive. Besides the Nasdaq rise, the MSCI IT index pushed up by close to 1.5%, although the SOX index fell modestly.
- Overall, higher equities and lower USD/JPY levels helped pull USD/KRW back sub 1300. This helped offset global growth concerns from weaker PMI readings in the EU and US.
- Yesterday, the Kospi closed down by just over 1.2%. Offshore investors continued to sell local equities, with a further $169.mn in net outflows. This brings week to date net outflows to $1.267bn.
- South Korea's Vice Finance Minister Bang Ki-sun stated the government will continue to prevent one-sided moves in the FX markets. This is consistent with what other officials have stated.
- Still, he also acknowledged that trade deficits will persist for some time yet. Recall, the first 20 days of trade data for June showed a deficit of $7.642bn, which is the widest in multiple decades. Full month trade for June prints next Friday.
- There are no major data releases today.
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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.