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Free AccessWon Surges On Offshore Inflows/FX Hedging Request
USD/KRW 1 month is hitting fresh lows for the session, now back to the 1336 level, a full 1% below NY closing levels. Highs for the session have been back close to 1350. Spot won is up 3% so far for the session. The won is outperforming the majors, where the USD has been more supported, and other USD/Asia pairs. Notably USD/CNH is holding above 7.1700, leaving the CNH/KRW cross back to the 186.34 level, fresh lows going back to early June.
- The Kospi remains up strongly, but hasn't built on earlier gains (last around +2.80% for the session). Offshore investors have added $318.9mn in fresh inflows for the session though.
- The other kicker for the won has come from the Finance Minister asking public institutional investors to boost their FX hedging on existing offshore assets. This is designed to limit the impact on USD/KRW from outflows to offshore assets from this investor base.
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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.