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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.
KRW
USD/KRW is holding fairly close to the 1300 level presently, underperforming a fairly strong onshore equity bounce, see the cart below. Note that USD/KRW is inverted on the chart.
- Spot USD/KRW is down slightly from yesterday's closing levels, but the 1 month NY is barely changed from NY closing levels.
- We are seeing a decent rise in onshore equites though. The Kospi is up close to 2%, the Kosdaq nearly 4%. We are away from best levels though in both indices.
- Prior to today's bounce, the Kospi had fallen close to 14% in June, while the Kosdaq was off by 20%.
- Regional equity sentiment is also positive, while US equity futures have pushed into positive territory.
- Higher beta FX is also firmer in the G10 FX space, with AUD, NZD and NOK all firmer.
Fig 1: USD/KRW & Kospi Performance
Source: MNI - Market News/Bloomberg
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.
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