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Free AccessUSD/KRW resumed the pronounced..........>
SOUTH KOREA: USD/KRW resumed the pronounced uptrend seen mid-last week Tuesday,
topping out at 1,168.25 to hit the best levels since late January 2017. KRW is
now comfortably the worst performing currency globally Tuesday, down close to 1%
against an already weak USD.
-After domestic growth fears sparked the KRW sell-off last week, China growth
fears triggered the moves today, with poor Chinese data (official manufacturing,
official non-manufacturing and Caixin manufacturing PMI all missed forecast)
amid holiday-thinned liquidity was the catalyst for KRW underperformance during
the Asia-Pac session. This cemented the negativity around South Korea after
industrial production for March also missed expectations (-2.8% Y/Y vs. Exp.
-1.0%) and Samsung's underwhelming earnings report.
-Despite recent KRW weakness, options markets remain relatively sanguine, with
USD/KRW 1m risk reversals below recent highs of 0.92 points, but still
comfortably north of the YTD average. USD/KRW options volumes are unsurprisingly
higher than average, with the larger including a $250mln 1,185 call strike
expiring on June 20th. Spot hasn't traded at that level in over 2 years.
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.