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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.
KRW
South Korean markets return today from the LNY break. The 1-month NDF sits around the 1232/33 region, with the pair largely tracking recent ranges over the past few sessions. Note onshore spot close from last Friday was 1235.55. USD indices haven't shifted a great deal in trend terms since last Friday, although higher beta FX is stronger in the G10 space (AUD & NZD etc).
- The Kospi should push higher, given the generally firmer tone to global equities in recent sessions, particularly in the tech space. The chart below overlays the SOX index against the Kospi.
- The general trend in net equity flows has also been firmer for January to date, with over $3.2bn in net inflows.
- The data calendar just has monthly FX deposits for local residents out later.
- We are still waiting for Dec retail sales figures (due from today until the end of the month). Also note consumer confidence and Q4 GDP print tomorrow (not today as we stated late yesterday in our Asia FX wrap).
Fig 1: Kospi Versus SOX Index
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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