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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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The won underperforms its regional peers, cementing its status as the worst performer in the Asia EM basket this week. Hawkish Fed repricing and recessionary fears have played a pivotal role in pressuring the currency over the past few days.
- In the latest escalation of official rhetoric, President Yoon called fore pre-emptive measures to stop the financial risks that are spreading "at a far faster pace when compared to those in the non-financial, real economic sectors."
- In corporate news, BBG cited sources as noting that SK Hynix is mulling cutting its 2023 capex by about 25% as it deems electronics demand slower than previously anticipated.
- Spot USD/KRW has surged this morning, adding ~13 figs so far to last trades at KRW1,325.00. The next topside target is provided by Apr 21, 2009 high of KRW1,368.50, followed by Mar 31, 2009 high of KRW1,423.00. Bears keep an eye on the 50-DMA/Jun 27 low at KRW1,281.67/1,280.65.
- USD/KRW 1-month NDF last seen at KRW1,324.23, up ~6.5 figs on the day. Yesterday's cyclical peak at KRW1,327.02 is in sight, a break here would expose Apr 20, 2009 high of KRW1,365.00. On the flip side, eyes are on the 50-DMA/Jun 28 low at KRW1,280.57/1,279.75.
- Worth noting that South Korea's FinMin & BoK Gov are travelling to a G20 summit in Indonesia.
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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.