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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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Free AccessSpot USD/KRW Through 1423, Fresh Cyclical Highs
Spot USD/KRW has gapped higher at the open. We are above now above 1423, fresh cyclical highs and +0.95% on Friday's closing level. The 1 month NDF closed in NY on Friday around 1420, so we are at slightly worse levels this morning. Note BoK Governor Rhee and Finance Minister Choo will attend a parliamentary session today (in a little over 30mins, at 10am local time).
- The BoK and MoF could be pressed on financial market issues, particularly the on-going fall in the won and further steps to stabilize FX market sentiment.
- Comments have just crossed the wires from the Vice Finance Minister asking officials to closely monitor the market.
- The BoK and National Pension Service (NPS) also announced a $10bn swap agreement late last week. NPS also stated it had raised its short term FX funding limit to $3bn from the previous $600mn. Both measures are designed to reduce upward pressure on USD/KRW spot when NPS buys overseas assets.
- Still, it remains to be seen what else can be done. Cross asset signals remain a meaningful headwind. Outside of continued broad based USD gains, equity sentiment remains soft. The Kopsi is down a further 1.8% so far today. We are now at fresh YTD lows for the index.
- The domestic data calendar is quiet until September consumer confidence prints early tomorrow.
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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.