Free Trial
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.
KRW
Spot USD/KRW is down more than 1% from closing levels last week. We sit at 1284, levels last seen more than a week ago. The 1-month NDF is also lower, off 0.4% from NY closing levels on Friday.
- The won is continuing to benefit from stronger equity market sentiment. The Kospi is close to highs for the session, up 1.7%, while the Kosdaq is up by 2.80%.
- As the chart below suggests, the won has caught up with stronger onshore equity performance.
- USD/KRW was above 1290 in earlier trade as US equities faltered but found selling interest above this level. US futures are still in the red but away from worst levels.
- Interestingly, the won is outperforming other higher beta plays like AUD, NZD and ZAR, which are all weaker against the USD.
- JPY has been outperforming these currencies, while USD/JPY is also down 0.45% so far during the session. This may be aiding the won more so than other currencies given the export competitiveness angle between South Korea and Japan.
Fig 1: Won Catches Up With Equity Rebound
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok