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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 AccessMNI BRIEF: BOJ Tankan To Show Slipping Sentiment
MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday
USD/KRW has had a strong start to the....>
KOREAN WON: USD/KRW has had a strong start to the year - but is it here to stay?
A sell-off into the year-end halted as the price approached support from the Nov
8 low of KRW1,153.95. Jan 2 saw USD/KRW open just below the level, before
staging a dynamic recovery and charting a piercing line candlestick pattern that
heralds a bullish reversal. The latest bounce allowed USD/KRW to avoid the
formation of a longer-term head and shoulders top, for now.
- The main driver of the recent rally was the U.S. killing of a top Iranian
military commander in a targeted drone strike. KRW was hit with a double-whammy
of a risk-off market reaction and a sudden jump in crude prices, to which South
Korea (it imports virtually all of domestic oil consumption) is exposed.
- That being said, USD/KRW erased yesterday's gains at the open today, calling
the durability of the recent rally into question. The pair responded to a
sell-off in USD seen on Monday after KRW finished trading & the moderation of
Mideast worries. The 50-DMA at KRW1,171.20 draws bullish attention, ahead of the
KRW1,176.51 200-DMA. Bears keep an eye the Jan 2 low of KRW1,153.75.
- See chart at: https://emedia.marketnews.com/USDKRW07012020.png
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.