Free Trial
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 opened up softer this morning, back to a 1426 handle, versus NY closing levels of close to 1431.50. Recent moves sub 1425 have generally been supported, but this level could be eyed given on-going improvement in equity sentiment, see the chart below. Onshore spot is back to 1426/27, around -0.60% below yesterday's closing levels (1435.3).
- The Kospi is up around 1.0%, following strong tech leads from US markets overnight. We were +1.8% just after the open, so we are away from earlier highs.
- Earlier onshore media reported that the authorities may ban short-selling if the Kospi breaks the 2000 level. It was also reported that preparation for 10t won worth of stock stabilization funds will be finalized this week. The timing of utilizing these funds is still to be determined, but it is likely the short-selling ban would come first, before the stabilization funds were used.
- Offshore investors added $195.6mn to local shares yesterday.
- Out later is money supply data for August, which is typically not a market mover.
- Also note the government will hold a meeting at 5pm local time today to discuss adopting 30-yr government bond futures.
Fig 1: USD/KRW & Kospi Trends
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok