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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
The first part of the session has seen the won unwind its outperformance from the previous session. Spot USD/KRW is near 1440, +1.20% for the session. This is outpacing other USD/Asia pairs (next worst is IDR, down 0.82% against the USD), while the G10 space, NZD/USD is off by 1%.
- Outside of continued broad based USD gains, weaker equity sentiment is a factor, see the chart below. The Kospi is off by 2.7% and is now back to early July 2020 lows.
- Apple's earlier news, around ditching plans to boost Iphone production, is weighing on broader tech sentiment within the region.
- Earlier, retail sales for August were positive, +15.4% y/y versus +9.7% in July. This didn't impact sentiment though.
- Tomorrow business sentiment for manufacturing and non-manufacturing is due.
Fig 1: USD/KRW & Local Equity 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.
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