Free Trial
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.
KRW
The won couldn't build on gains from yesterday's Asia session, largely tracking within recent ranges. Support is evident ahead of the 1350 level, while recent highs sit around 1362. The 1 month NDF finished the NY session at 1352.70, while onshore spot ended yesterday at 1356.70.
- Earlier, the BoK survey of business showed further deterioration, particularly for manufacturing, see this link for more details. Overall, the results point to a further slowing in South Korean GDP growth.
- The chart below overlays manufacturers' export expectations from this survey against y/y export growth. Again, the outlook suggests headwinds for external demand. South Korean President Yoon will host a meeting today to review the export backdrop for the country.
- In terms of other drivers for the won, the equity backdrop for the Kospi is more positive today, given the SOX rose 3% overnight, while the MSCI IT gained 1.75%. HP fell after the close though, following disappointing earnings results.
- To recap, the Kospi lost 0.59% yesterday, while offshore investors sold -$46.7mn of local shares.
Fig 1: South Korean Manufacturers' Export Expectations Soften Further
Source: MNI - Market News/Bloomberg
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok