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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
Spot USD/KRW re-opened on a softer footing following the release of the March industrial production report out of South Korea. The pair last trades at KRW1,107.85, marginally lower on the day.
- South Korea's industrial output rose 4.7% Y/Y (BBG est. was +4.5%), but shrank 0.8% M/M (BBG est. was -0.5%).
- Yonhap reported, citing acting PM Hong, that South Korea has extended the current social distancing measures by three weeks.
- South Korea reached another milestone in its inoculation campaign as it vaccinated more than 3mn people yesterday. The authorities aim at achieving herd immunity by November.
- White House spox Psaki said that South Korean Pres Moon will visit DC for talks with U.S. Pres Biden on May 21.
- The latest poll by Embrain Public/Kstat Research/Korea Research/Hankook Research on support for presidential hopefuls saw Gyeonggi Province Gov Lee was leading ex-Prosecutor General Yoon, albeit only by 1pp. Pres Moon's approval rating was at 38%, with 56% of respondents expressing disapproval.
- Looking ahead, South Korea's latest trade data hit the wires on Saturday. Next week, focus turns to Markit M'fing PMI (Monday), CPI (Tuesday) & BoP current account balance (Friday).
- Vice FinMin Lee said April CPI, which is due next week, is expected to top 2% Y/Y owing to the base effect. Nonetheless, Lee said annual inflation shouldn't exceed the 2% target.
- Bears need a fall through yesterday's low of KRW1,105.75, before taking aim at Feb 22 low of KRW1,103.40. Bulls look for a rebound above Apr 23 high of KRW1,120.80.
Fig. 1: South Korea Industrial Output Y/Y (%)
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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