Free Trial

Won Continues To Outperform

KRW

1 month USD/KRW is down a further 0.55% from NY closing levels, outperforming further USD softness seen against the majors. The pair was last around 1384/85, which is fresh lows back to mid-September. We have stabilized somewhat now (low of 1384.3), but the won continues to ride the risk-on wave in equities.

  • Note the 16 September low came in just under 1381. Beyond that is a cluster of lows near the 1370 level from September, while the 100 day EMA is at 1366.83. On the topside the 50-day EMA is just above 1401.05.
  • Onshore equities are higher, +0.40% for the Kospi so far, the Kosdaq +0.90%. The Kospi (last 2382) is threatening to break above the 100-day EMA (2382.73), a level we haven't been above since early September 2021.

To read the full story

Close

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.