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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
Spot USD/KRW went offered at the re-open, hitting worse levels in two months, as the rate played catch up with post-FOMC greenback sales, while the won drew support from the improvement in the BoK's confidence gauges & a beat in Samsung's quarterly profit. The rate last sits at KRW1,107.80, 5.10 figs lower on the day.
- The BoK's latest Business Survey showed that confidence among manufacturers improved to a new decade high of 98 in May from 91 seen in Apr. Sentiment gauge for non-manufacturers rose to 82 from 78.
- Samsung declared a net Q1 profit of KRW7.1tn, which comfortably topped BBG estimate of KRW6.7tn.
- South Korea said Wednesday that it will allow vaccinated residents to skip the mandatory two-week quarantine after returning from an international travel or having contact with a Covid-19 case, if they return a negative test & show no symptoms of infection.
- Looking ahead, Statistics Korea will release local industrial output data on Friday.
- Losses past the 61.8% retracement of the YtD rally at KRW1,105.12 would bring Feb 16 low of KRW1,097.25 into view. On the topside, a rally above Apr 23 high of KRW1,120.80 would open up the 50-DMA at KRW1,123.04.
Fig. 1: South Korea Business Survey Manufacturing vs. Non-Manufacturing
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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