Free Trial

Won Outperforming Despite Cross-Asset Headwinds

KRW

The won is outperforming so far today. Spot is back to around the 1280 level, while the 1 month NDF sits sub 1278 in latest dealings. Earlier highs were around the 1282.60 level in the 1 month NDF.

  • There doesn't appear an obvious catalyst for won gains, although it does continue the June trend of won outperformance.
  • USD/CNH is back to 7.1800, while the region equity tone is a weaker one. The Kospi is only tracking modestly lower and still holding above the 2600 level for now. Offshore investors have been net sellers of local equities today, with -$267.1mn in outflows.
  • These headwinds may constrain further won gains, with dips sub 1270 supported recently.
  • Tomorrow the data focus will largely rest on the first 20-days of trade data for June.

To read the full story

Close

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.