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Free AccessWon Gets Hammered By Deadly Combination Of Factors
The won underperforms in the Asia EM basket, hit by the combination of regional reaction to U.S. CPI beat, China COVID-19 worry, South Korea's trade deficit reported for the first 10 days of the month & North Korea's latest artillery drill.
- U.S. CPI inflation quickened more than forecast in May, data released after Asia hours Friday showed, triggering hawkish Fed repricing.
- Shanghai & Beijing were forced to roll back some of their virus curbs easing as case tallies climbed further.
- South Korea's trade deficit for the first 10 days of June printed at $6bn as exports dropped 12.7% Y/Y on the back of public holidays on June 1 & June 6. Daily average exports rose 14.2% Y/Y.
- The presidential National Security Office held a meeting after North Korea fired artillery shots, presumably from multiple rocket launchers, with speculation rife that Pyongyang could soon conduct a nuclear test.
- Spot USD/KRW shot higher as onshore markets re-opened, it last deals +18.20 figs at KRW1,286.75. Bulls look for a challenge to May 12 high of KRW1,291.45, while bears look for a pullback under the 50-DMA at KRW1,252.05.
- USD/KRW 1-month NDF last +7.60 figs at KRW1,286.64. Topside focus falls on May 12 high of KRW1,292.69, while bears keep an eye on the 50-DMA at KRW1,255.02.
- On the data front, focus moves to monthly unemployment data, due for release on Wednesday.
- Elsewhere, the BoK will publish the minutes from its most recent monetary policy meeting tomorrow.
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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.