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Free AccessSpot USD/KRW Sees Selling Interest Above 1337 Again
Spot USD/KRW sits below earlier highs, the pair again seeing selling interest above 1337, similar highs to Wednesday's session. We last tracked near 1333. The 1 month NDF is close to 1331, slightly below NY closing levels from Wednesday.
- Some retracement in USD/JPY after earlier getting close to 147.90 earlier has helped won sentiment, although USD/CNH remains elevated (last near 7.3240).
- Local equities are down ~0.80% at this stage for the Kospi, with further offshore selling evident (-$94.9mn in outflows).
- Earlier the Finance Ministry stated it has issued yen-denominated FX stabilization bonds worth ¥70bn (which is just under 500mn USD). This is the first time such bonds have been sold to Japanese Institutional investors and were done across 3,5,7 and 10yr maturities. The proceeds will be used to bolster FX reserves but also signal improved ties between South Korea and Japan.
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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.