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Free AccessWedge With Equities Expanding Again
Moves above 1312 in the USD/KRW 1 month were faded overnight but the pair couldn't test much below 1307. We open this morning in the 1307/1309 range. Onshore USD/KRW spot is lower in early trade, around -0.15% versus yesterday's close, in line with the NDF moves.
- Korean equities are opening up firmer, +0.5% for the Kospi and +1.1 % for the Kosdaq. This follows broad based gains for US equities overnight, although tech shares outperformed.
- The Kospi is now +8% above its early July lows, although the won is only 1.6% firmer relative to its recent lows.
- The USD rebound, particularly against the yen, is helping to curb won gains, while geopolitical tensions in North East Asia are unlikely to helping either. Note US House Speaker Pelosi is in South Korea today.
- Offshore investors continue to buy local shares, with a further $424.62mn added yesterday. In the past 5 trading sessions we have seen +$1.3bn in net inflows.
- This, along with resilient local equities, may at least keep USD/KRW offered on any fresh spikes towards 1315.
- Note the data calendar is empty today.
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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.