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Free AccessUSD/KRW Still Wedged Between 100 & 200 Day EMAs
1 month USD/KRW finished the NY session close to session highs, just near 1341. The pair finished up close to 0.50% for Monday's session, so the won slightly outperformed broader USD gains (DXY +0.70%). Onshore spot ended yesterday around 1340. More broadly USD/KRW remains wedged between its 100 (1359.50) and 200 (1319.1) day EMAs.
- The data calendar today contains retail sales and department store sales for October, which is unlikely to be a market mover.
- The lead for the Kospi is a negative one. The SOX fell by 2.63%, while the MSCI IT was down nearly 2% overnight. To recap, the Kospi lost 1.46% yesterday, while offshore investors sold $148mn of local shares.
- South Korean President Yoon will also hold a cabinet meeting at 10am local time to discuss whether to issue return to work orders for striking truck workers, after negotiations failed to break the deadlock.
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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.