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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 finished in NY on Thursday near 1332.60, a gain in won terms of just over 1%. Lows for the session were just under 1327, levels last seen back in late September. Note onshore spot finished yesterday at 1343, so the early impetus will again to be to the downside.
- Note the 100-day EMA (near 1328) was close to Thursday session lows, a break sub this level would target mid September lows near 1317.30, see the chart below.
- The won continued to rally amid strong gains in terms of global equity markets. Tech related indices outperformed at the margins, the SOX up 2.36%, the MSCI IT index +1.95%. The US real 10yr yield pulled back further to 2.27%.
- US Nasdaq futures (-0.35%) are weaker at the start of Friday trade, with late Thursday weakness in Apple (post results) weighing on sentiment.
- To recap, the Kospi rose +1.81% yesterday (Kosdaq +4.55%), while offshore investors added +$318.3mn to local shares.
- On the data front earlier we had October FX reserves, which printed at $412.87bn, versus $414.12bn in September. The data calendar is now empty until next week.
Fig 1: USD/KRW 1 Month Versus Key EMAs
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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