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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 AccessUSD/KRW Tracks Recent Ranges
1 month USD/KRW found selling interest closer to 1310 overnight. We finished around the 1304.50 level, on slightly better equity sentiment in offshore markets. Note spot closed yesterday at 1306.6.
- Earlier, the South Korean current account for May printed at $3.86bn, a marked improvement from -$79.3mn in April. This owes to sharp turnaround in the net income investment balance (as April is a strong month for dividend related outflows to offshore investors).
- The data calendar is empty for the rest of this week, with focus to rest on broader risk appetite.
- The overnight tech equity lead was once again slightly firmer, with the SOX index up 0.66%, while the MSCI IT index gained 0.86%. These gains were stronger than broader US equity gains.
- The Kospi was down over 2% yesterday though, with offshore investors selling $72mn in local shares.
- Also note Samsung's Q2 profit result was slightly below expectations, at 14T won, versus a 14.6T won estimate.
- We will also watch today for any negative spill-over from higher USD/JPY levels to the won, given the sharp rebound in US yields overnight.
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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.