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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
The won is an underperformer in Asia, dragging USD/KRW up to the highest levels since November. The pair last at 1114.25 up 9.90
- The won has retreated after the IMF said the BoK had further room to cut and the government had more capacity for fiscal easing.
- Engendering negative sentiment in the region is a negative earnings report from Samsung. South Korea's biggest company, approximately 33% of the KOSPI, reported net income for the period of KRW 6.45tn missing analyst' estimates of KRW 7.3tn and giving weaker guidance. The KOSPI is down around 1.6%.
- The number of coronavirus cases has declined, yesterday saw 497 new cases compared to 559 the previous day.
- Elsewhere, South Korean PM Chung Sye-kyun said that while the short selling ban cannot continue forever, the system should be improved before the practice is resumed. The BoK also said its standing lending facility would end on Feb 3 as planned.
- Some additional data since the open, December department store sales fell 16.9% Y/Y, discount store sales rose 2.1% Y/Y. Earlier in the session data showed manufacturers business confidence rose to 81 in January, from 77. While non-manufacturing business confidence rose to 70 from 64. Though these have picked up they still represent a contraction.
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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