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Why MNI
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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 AccessJPY/KRW Cross To Fresh Multi-Month Highs
1 month USD/KRW has tracked familiar ranges in early trade today. The pair spiked above 1310, as USD/CNH threatened to test above 6.8000. We are now back to the 1307/08 region, as USD/JPY has slumped through 131.00. KRW is very much underperforming the stronger yen trend though. The JPY/KRW cross is back close to 10.00, fresh highs going back to late May. Note the 200 day MA comes in at 10.0688 for this pair. Unwinding of yen cross long positions continues to be a key driver of short-term FX trends.
- CNH and JPY moves are likely to be the main drivers of won sentiment today.
- Elsewhere, the Kospi is down modestly (-0.50%) at this stage. Offshore investors are net sellers of local equities today (-$16.2mn so far), after net inflows of +$123mn yesterday.
- Earlier, July CPI printed largely as expected. KTB futures are ticking higher (3yr to 105.51, +0.23 for the session) but fixed income markets elsewhere are seeing similar trends, with a modest risk-off tone prevailing in equity markets. US-China tensions remain the near term focus point ahead of Pelosi's planned trip to Taiwan.
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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.