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BLOCK -- Adding to 5Y Puts as a Spd


EGB Supply For W/C Sep 20, 2021


Sees broader base buying, led by risk


BLOCK, Oct 5Y Puts

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The won is expected to gain at the open today, 1-month NDF's are down 2.51 on the session at 1143.94. The greenback has weakened, and risk sentiment has been positive which will allow upside for EM currencies.

  • Data has also been supportive, South Korea June industrial output rose above estimates at 2.2% M/M compare to consensus 1.5%. Y/Y also beat estimates at 11.9% while the June cyclical leading index rose 0.3 points on the month. The robust data will soothe some market concerns after GDP was slightly below estimates earlier this week, though the BoK said the economy was still on track hit its 4% growth target.
  • Meanwhile, data earlier saw the business survey manufacturing index fall to 92 from 99, non-manufacturing fell to 78 from 82.