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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 1-month USD/KRW drew selling interest above 1445 overnight, which is not too far from recent cyclical highs around 1447. Onshore spot finished yesterday at 1439.60. Given we are close to recent highs, rhetoric from the authorities may pick up today around FX levels.
- Equity sentiment remains positive, with further gains in tech sectors overnight. The SOX up 0.64%, while the MSCI Tech gained 1.40%. To recap, the Kospi rose 1% yesterday, with offshore investors adding +$180.2mn to local shares.
- The won is not benefiting from these trends, as fresh record lows in CNH provide an offset.
- Earlier, October consumer confidence fell to 88.8 from 91.4 in September. Inflation expectations edged back up to 4.3% from 4.2% previously. We remain below July highs though, which came in at 4.7%.
- Tomorrow, manufacturing and non-manufacturing sentiment measures print, the chart below plots the manufacturing trend against consumer sentiment.
- Also note President Yoon will deliver a speech today to the National Assembly on the 2023 budget proposal.
Fig 1: South Korea Consumer & Manufacturing Sentiment Trends
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.
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