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Why MNI
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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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Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
USD/KRW returned from holidays last......>
KOREAN WON: USD/KRW returned from holidays last Tues with a sharp rally, which
initially ran out of fuel near the 100-/200-DMA crossover in the KRW1,177-79
area. Thursday's break above there, however, sparked a renewed surge, which
today resulted in the apparent completion of a double bottom reversal pattern,
developed since Oct. Last week's pick-up in topside momentum was prefigured by a
shorter-term double bottom, formed through Dec & Jan. That being said, momentum
studies suggest that USD/KRW is slightly overbought as it is heading towards
resistance from the 76.4% retracement of the Aug 6 - Jan 14 rally/Oct 2 peak.
- Wuhan coronavirus has propped up USD/KRW, with today's fresh impetus provided
by the post-LNY re-opening of Chinese onshore mkts, which absorbed spiralling
virus concerns & sold off even as the PBoC took measures to salvage sentiment.
- Locally, S. Korea reported a narrower than exp. Jan trade balance, underpinned
by faltering imports & exports. On the plus side, the data was distorted by LNY
(it fell in Feb last year) & preliminary readings indicated improvement in chip
exports. Worth reminding that recent GDP & industrial output prints were solid.
- See chart at: https://emedia.marketnews.com/marketnewsintl/USDKRW0302.png
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.