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Free AccessUSDKRW is consolidating following a......>
KOREAN WON: USDKRW is consolidating following a large break through both its
200DMA and its February high last week, breaking above 11,00 to trade at 1,109
currently. The sharp move higher was not driven by any particular news event and
occurred even as US-Korean interest rate spreads remained relatively unchanged.
- The weakness appears to have been a delayed reaction to the major misalignment
between USDKRW and risk-adjusted real yield spreads. MNI has been highlighting
the potential for a large move lower in the won over the past two months, most
recently in 'Tactical Korean Won Weakness Has Further To Run'(for full story see
mainwire May 23, 08.36 GMT).
- Even after the won's 3% weekly loss though, the USDKRW remains roughly 7%
below 'fair value' based on risk-adjusted real yield spreads and so further
upside is likely, particularly as no major resistance exists until 1,150 given
the break of the 200DMA.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.