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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.
KRW
1 month USD/KRW has started Friday's session down around 0.35% from NY closing levels on Thursday. The pair last in the 1328/29 region. Spikes above 1336 drew selling interest on Thursday post the Asia close, but the won outperformed broader USD/weaker CNH trends. The continued recovery in tech related equity sentiment a clear positive offset.
- Onshore USD/KRW is currently around 1330/31, also down slightly on yesterday's closing levels.
- The Kospi is tracking around +0.50% higher in early trade. To recap the index gained 0.83% yesterday and has been up every session so far this week. Offshore investors added $333.1mn to local shares yesterday, while offshore investors added $851mn to Taiwan shares.
- The SOX rallied 3.36% in US trade for Thursday, just shy of YTD highs. The MSCI IT was 2.18% higher. The chart below plots the MSCI IT versus the Kospi index. Broader tech optimism continued, along with hopes of debt deal, which offset a firmer US yield backdrop. The Nasdaq closed at a 52 week high.
- The local data calendar is quiet today. President Yoon will travel to Hiroshima for the G-7 meeting. He will hold a bilateral summit with Japan PM Kishida on May 21 (Sunday), while a Trilateral summit including US President Biden is also expected to be held.
Fig 1: MSCI IT Versus Kospi
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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