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Free AccessThe won's early gains were short lived as.....>
KOREA: The won's early gains were short lived as USDKRW rises back towards
yesterday's high just above the 1130 level, currently trading at 1128.0,
suggesting that the uptrend remains intact.
- The won's renewed weakness is in line with the slight weakness in the Chinese
yuan and Korean stocks, as well as the further decline in Korean interest rate
swaps.
- The 2-year yield is down 1.3bps today at its daily lows of 1.8250%. The curve
continues to flatten with 1s-5s swap spread trading at 15.8bps, its tightest
since 2016.
- The USD-KRW 2-year swap spread now sits at a new cycle high of 111bps, and the
widening trend suggests the won has further to weaken.
To read the full story
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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.