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Free AccessWon Modestly Outperforms USD Rebound
USD/KRW 1 month finished the NY session just under 1425, above lows of around 1418. Note onshore spot finished yesterday at 1422.45. The rebound in the 1 month NDF was in line with broader USD gains, although the won outperformed to a degree. Data out later today is retail sales/department store sales for August, which typically not a market mover.
- For the 1 month NDF, highs from last Thursday around 1413 may generate support, if we see further USD downside, although the early tone has been for a stronger USD today against the majors. On the topside, expect to see some resistance on moves above 1430.
- The equity lead for local markets is a bit more positive today. The SOX and the MSCI IT indices gained overnight, while the Kospi managed a small gain yesterday.
- Offshore investors resumed net selling of local equities though (-$138.5mn).
- Note US Vice President Harris will visit the DMZ on Thursday, so be mindful of geopolitical tensions.
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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.