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KRW
Spot USD/KRW is tracking slightly above yesterday's closing levels, last at 1299. We did see an earlier dip towards 1295, as USD/CNH fell in response to reports of the Liu/Yellen video call. There was little follow through though.
- The won is lagging the solid bounce in onshore equities, see the chart below. Note this is just a short term 3 day chart. The Kospi is up over 1.3% today, although away from best levels. The Kosdaq is 3.25% higher.
- USD/CNH has not broken lower, holding above 6.6800 (we are back at 6.6900), while USD/JPY is also higher. This pair is back through 136.00, around 0.40% above previous closing levels.
- These factors may be helping to drive somewhat of a wedge between equities and the won.
Fig 1: USD/KRW & Kospi - Short Term Trends
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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