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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.
KRW
1 month USD/KRW continued to track lower post the Asia close on Friday, the pair getting to fresh lows in the 1285/86 region by the NY close. This was a won gain of nearly 0.7% for Friday's session and fresh lows in the pair back to late Mar. Note Mar 23 lows come in close to 1274, in terms of a fresh potential downside target. The simple 50-day MA sits back close to 1301.50. Note onshore spot ended Friday's session at 1291.65.
- The won was the strongest Asia FX performer last week (slightly shading IDR). Fresh gains in onshore equities are helping sentiment. To recap, the Kospi rallied a further 1.16% on Friday to fresh cyclical highs, the chart below overlays the index against 1 month USD/KRW (inverted on the chart).
- Friday also saw chunky offshore investor flows of $445.1mn, bringing last week flows into positive territory.
- Tech related equities modestly outperformed in US trade on Friday (SOX +0.30%, MSCI IT 0.46%), while US futures have opened with a positive tone today.
- On the data front today, first 10 days of June trade data crosses at 9am local time. BoK Governor Rhee also gives a speech to mark the 73rd anniversary of the central bank.
Fig 1: Kospi Versus 1 Month USD/KRW (inverted)
Source: MNI - Market News/Bloomberg
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.
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