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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
The 1 month NDF got just below 1234 in NY trading before recovering into the close near 1239. The 1234 region coincides with lows in the pair from late May in 2022. Onshore spot ended yesterday's session at 1243.85, a gain of 2% against the USD, while the 1 month NDF rose 1.17%.
- Won gains may have been tempered by a loss of momentum in the equity space through the NY session. Still, the SOX and MSCI IT index outperformed broader market moves. To recap, the Kospi rose 2.63% yesterday, with offshore investors adding $548.77mn to local stocks.
- This brings net inflows for the past 5 sessions to an impressive $1.4bn, although over the past month, net inflow momentum is still below peaks we saw in 2022, see the chart below.
- On the data front, the BoP goods balance remain in deficit in Nov, -$1.567bn, while the current account slipped back into deficit -$621.7mn (from $883.4mn). Given the dated nature of this data it is unlikely to have a large impact on market sentiment today.
Fig 1: South Korea Net Equity Inflow Momentum Starting Off 2023 Strongly
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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