Free Trial
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
The won has continued its decline on Wednesday, USD/KRW last up 1.90 at 1109.40 – the pair is up 2.7% from lows hit on Dec 7.
- The resurgence in Covid cases is weighing on the won, there were 1,092 cases reported in the past 24 hours, nudging back above 1,000 again. The government announced it will temporarily suspend flights to and from the UK, indicating growing fears over the new coronavirus strain.
- The government has said coronavirus vaccinations will be able to start being administered in the first quarter of next year on a limited basis. This is slower than the rollout in other countries, which has added to concerns around the countries handling of the pandemic.
- Foreign funds sold a net $319.25m of equities yesterday, and have sold a total $1.02bn since the start of last week. We have seen inflows into bonds, however, the latest data showing $1.11bn of inflows yesterday.
- Data earlier in the session painted a pessimistic picture for domestic demand; department store sales fell 4.3% Y/Y, discount store sales fell 4.1% while convenience store sales rose 3.3%.
- USD/KRW is challenging resistance at the upper channel of the move from cycle lows, next resistance is seen at 1110.50, Dec 23 session highs. Bulls will look for a convincing break above 1110.00 to indicate further upside. Support is seen at 1108.10 the 14-day moving average, below that the 76.4% Fibonacci retracement at 1103.51
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok