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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
1 month USD/KRW was mostly range bound post the Asia close on Monday. We spent most of our time in the 1330/35 range. We closed in NY at 1332, a won gain of 0.36%, bucking the trend of stronger dollar trends elsewhere (BBDXY +0.40% higher for Monday). Note onshore spot ended yesterday at 1330.75.
- The chart below overlays the 1 month USD/KRW NDF versus the BBDXY index. A modest divergence merged yesterday.
- Resistance to a move back above 1340, which saw official rhetoric around FX weakness pick back up, may be a factor. The other is tech related equity outperformance. The SOX rose over 1% in Monday US trade, the MSCI IT gained nearly 0.5%, bucking softer trends in the major indices.
- To recap, the Kospi fell 0.92% yesterday but offshore investors added modestly to local shares, +$45.9mn.
- The local data calendar is quiet until tomorrow's Dec goods balance and current account figures.
- The FinMin will visit the BOK to hold a meeting with Governor Rhee at 2pm local time.
Fig 1: 1 Month USD/KRW & USD BBDXY Index
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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