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USD/KRW Maintains Recent Ranges, FX Reserve Drop Slows In October
1 month USD/KRW found support ahead of the 1410 level overnight, which is around lows from late October. We finished closer to 1425, amid a broad USD rally late in the NY session. Recent highs in the pair have come close to the 1430 level. Note onshore spot ended yesterday at 1417.65.
- The equity lead for the Kospi today is a negative one, as tech shares faltered overnight (SOX -3.09%, MSCI IT - 3.34%). Yesterday the Kospi edged higher, while offshore investors added +$327.4mn to local shares.
- The South Korean authorities (including the BoK Governor) are currently having their usual post FOMC meeting at the moment, so be mindful of headlines from that.
- Earlier, South Korean FX reserves slid further in October to $414.01bn, from $416.77bn. This is a much more modest drop compared to September's though ~$20bn. The data calendar is now quiet until next week.
- Credit markets could also be eyed today, as onshore commercial paper yields continue to spike. A local insurer delayed buying back perpetual bonds yesterday, citing market conditions/volatility.
- Geopolitical tensions could be the other focus point, given the large number of missiles launched by North Korea yesterday and a further launch this morning.
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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.