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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
1 month USD/KRW sits just up from session lows, the pair last near 1332.5 (earlier lows were around 1331.4). This is around 0.30% stronger in won terms versus Thursday NY closing levels.
- The won is enjoying the better equity market backdrop, with the Kospi up +1.2% in the first part of trade, as tech related indices outperformed the broader rally on Thursday.
- Optimism around the chip/tech outlook from bellwether TSMC aided sentiment in this space (see this BBG link for more details).
- For KRW, we are tracking local equity trends reasonably closely, see the chart below. Offshore investors have sold nearly $1bn of local equities so far this week, but YTD flows remain positive at $816.4mn.
- For USD/KRW 1 month, all key EMAs are clustered under 1320. The 100-day simple MA is back around 1321. So, we are still some distance from important technical support levels.
- On the data side, focus will be on the first 20-days trade data for Jan out next Monday.
Fig 1: USD/KRW 1 month (Inverted) And Kospi 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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