ForexLive » South Korea

S.Korean fx authorities said to have bought dollars to curb won’s rise

Gerry Davies — Tue, 27 Jul 2010 06:33:19 +0000

Thought to have bought around 300-500 mln dollars. Some of those dollars likely destined to be turned into euros in near future. Meanwhile EUR/USD at 1.3005, recovering from brief dip below 1.3000.

South Korea to announce fx control measures early next week – Yonhap

Gerry Davies — Wed, 09 Jun 2010 06:29:28 +0000

New rules to cap bank’s currency forward trades
New rules apply to both domestic and foreign banks

SKorea central bank has no plan to reduce euro assets in forex reserves

Gerry Davies — Thu, 27 May 2010 06:12:53 +0000

And if anyone’s interested (I’m sure they’re not) I’ve exactly 22 euros and I’m not getting rid of a darn one. Well at least not until I next visit a country which uses the euro. I’ll keep you posted of developments.

EUR/USD holding up well so far, presently at 1.2285.

It’s a funny old world……

Gerry Davies — Thu, 27 May 2010 05:40:36 +0000

Talk Bank of Korea may have intervened via a foreign bank to curb won’s gains, buying dollars near 1,217.

EUR/USD manages recovery during Asian trade

Gerry Davies — Thu, 27 May 2010 05:11:33 +0000

EUR/USD presently at 1.2270, up almost exactly a big figure from where North America closed out Wednesday. Chinese have been out indicating they’ll keep European investment at current levels. Future investments will depend on currency issue, regulation issues, economic policies.

Asian stocks have done OK while S&P futures up over 1%.

Korean won up around 2% versus dollar on perception recent sell off overdone and as local stocks rebound. Gains should negate need for aggressive intervention by Korean authorities to support their currency and therefore need for BOK to sell EUR/USD quite as aggressively as it has done of late.

Euro zone data due today:

German CPI for May (prov) expected +0.1% m/m, +1.2% y/y

06;45 GMT: French consumer confidence indicator for May expected -38 from previous -37

07:30 GMT: Italian business confidence for May expected -85.8 from 85.5

08:00 GMT: Italian hourly wages for April

Talk of fairly decent buy orders lined up down at 1.2150 in EUR/USD.

SKorea buys estimated $1.5 bln in fx market Tuesday to curb won’s strength – traders

Gerry Davies — Tue, 27 Apr 2010 06:46:26 +0000

Chunky. And some it’s going to get diversified into euros. EUR/USD up at 1.3371 from session low 1.3358.

S.Korean FinMin says fx market expectations of won’s rise excessive

Gerry Davies — Tue, 27 Apr 2010 05:18:59 +0000

To take action when herd behaviour moves won sharply

Not surprisingly S.Korean fx authorities have been noted buying dollars against the won overnight. As we know some of these dollars will be diversified into the likes of euro, sterling in the near future.

Bank of Korea suspected of buying dollars near KRW 1,121 – traders

Gerry Davies — Wed, 07 Apr 2010 05:50:25 +0000

If that’s infact the case, we can expect the central bank to turn up buying EUR/USD in the not too distant future, ala reserve diversification.

Meanwhile EUR/USD has slipped to session low 1.3369 at writing.

S.Korea fx authorities seen buying dollars to curb won’s strength – traders

Gerry Davies — Fri, 05 Mar 2010 06:26:53 +0000

More dollars to be diversified into euros at some juncture, I guess. Unless ofcourse the South Koreans are giving up on the poor old euro, like so many others.

S.Korea fx authorities seen buying dlrs to check won’s strength – traders

Gerry Davies — Thu, 04 Mar 2010 06:49:38 +0000

Some of those dollars likely to be diversified into euros at some juncture. Funnily enough had reports yesterday of Korea selling EUR/USD up around current 1.3660/65 level during the European morning.

S.Korea FinMin official: Worried fx market leaning excessively one way

Gerry Davies — Mon, 11 Jan 2010 08:04:14 +0000

South Korea closely watching won, to take appropriate measures if necessary.

SKorea fx authorities buying dollars to curb won’s strength – traders

Gerry Davies — Mon, 11 Jan 2010 06:51:14 +0000

Some of the dollars will very likely see themselves transferred into euros at some juncture

South Korean FX authorities spotted buying USD

Sam Diakou — Wed, 06 Jan 2010 00:25:05 +0000

South Korean FX authorities have been spotted buying USDKRW. USDKRW has moved up from a low of 1138 to 1143.

S.Korea fx authorities bought estimated $2 bln plus to stem won’s strength Tuesday- Traders

Gerry Davies — Tue, 05 Jan 2010 07:51:41 +0000

Chunky.

USDKRW slides thru support

Sam Diakou — Tue, 05 Jan 2010 01:36:35 +0000

The USDKRW has been sold off thru critical support at 1148 and trading to a 15 month low of 1142.80, reinforcing views of an interest rate rise. Foreign exchange authorities were seen buying USD to stem the fall around the 1146 area. The USDKRW selling has also spilt over in USDJPY, which has remained under pressure post fix.

S.Korea November Current Account $+1.17 Bln

Sam Diakou — Tue, 29 Dec 2009 04:19:13 +0000

South Korea’s current account surplus fell to $1.17 Bln s/adj in November from a revised $3.25 Bln in October. Before seasonal adjustments it came in at $4.28 Bln in Novemebr compared with a revised $4.76 Bln in October. It was the 10th consecutive month of surplus.

Korean banks may fund more takeovers in 2010

Sam Diakou — Wed, 23 Dec 2009 03:39:31 +0000

Morgan Stanley says that S.Korean banks may be involved in more acquitions as the economy exits the glogal crisis.

North and South Korea have naval skirmish in Yellow sea

Sam Diakou — Tue, 10 Nov 2009 04:00:20 +0000

It has been reported that North and South Korea have had a naval skirmish in the Yellow Sea, in waters off their west coast. No casualties reported at this time.

EURJPY has seen a knee jerk reaction to the news a little lower but the Kospi is steady, trading up 0.7%.

S.Korean authorities seen buying dollars below 1,160 won – Traders

Gerry Davies — Mon, 09 Nov 2009 06:24:35 +0000

Some of those dollars will be destined to be changed into euros. EUR/USD retains bid tone in early Europe, presently at 1.4940.

South Korea fx authorities spotted buying dlrs to curb won’s strength – Traders

Gerry Davies — Mon, 02 Nov 2009 06:29:46 +0000

Traders are once again reporting South Korean fx authorities intervening, buying dollars to try and curb the won’s strength. Some of these dollars will obviously be transferred into euros, so we can expect further reports of Asian sovereign buying in EUR/USD on dips.