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Free AccessWon Weakens Back Past 1300
It has mostly been one-way traffic to the upside for 1 month USD/KRW. The pair last tracked around 1302, which is +0.40% above NY closing levels. This leaves the 50-day MA (1296.30) on the downside intact for now.
- Won weakness comes despite a positive lead for equities onshore (currently +1.20% for the Kospi), and modestly higher US equity futures. The wedge between KRW and the Kospi has re-widened.
- Headwinds are present from higher USD/CNH levels, which is back above 6.7400. Rising covid case numbers in China is unsettling sentiment somewhat.
- The first 10-day export number for South Korea also showed softening detail in terms chip/tech exports (-5.1%). Exports to China also remained in negative territory (-2.8%).
- The headline export result was resilient, at 23.3% YoY for the first 10 days, but on an average daily basis this was more modest at +8.7% YoY.
- The trade deficit was large at just under $7.7bn for the first 10 days of August, but this should improve as the month progresses.
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Please enter your details below.
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.