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Free AccessYen Moves Likely To Dictate Won Sentiment Today, Credit Market Support Steps Up
1 month USD/KRW retraced sharply on Friday evening, in line with a softer USD tone. The pair got close to 1445, before finishing up just under 1429. We are slightly higher in early trading today, last 1432. It remains to be seen how much local drivers matter for the won today, as USD/JPY looks to be a key driver of shorter-term trends. USD/JPY has already had a near 3% range in trading today.
- Domestic focus points will likely centre on warning shots fired by both South Korea and North Korean armed forces, after a North Korea vessel crossed the northern limit line.
- The authorities are also stepping up support of the domestic credit sector. At least $35bn will be available in support for the sector, following recent spikes in commercial paper yields after a missed payment spooked sentiment in the sector (see this link for more details).
- The equity lead from offshore tech is a positive one today. The SOX rose 3.70% last week, for a weekly gain of just over 8%. The MSCI IT rose 6.25% last week.
- The Kospi is +1.60% in early trading. Last week offshore investors added net inflows for the week of +$212.4mn.
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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.