Free Trial
EQUITY TECHS

E-MINI S&P (H3): Bull Cycle Extends

STIR

BLOCK, Short Jun SOFR Covered Put

STIR

Large May'23 SOFR Put Ratio Buy

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

USD/KRW Holds Above 1350, President Yoon To Host Export Meeting

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

Keep reading...Show less
195 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

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

Keep reading...Show less