Published at 02:18 (GMT) 11 Jul
USD/JPY Fixing set at 101.37.
USD/JPY hovering around fixing level at 101.37. with offers at 101.50-60, bids at 101.00-10. The 6-week lows of 101.05-06 seen overnight, lowest since May 21 100.80. Hearing very good bids - real money, Japanese, pension funds, lifers and option bids at 101.00. Offer at 101.40-50.
Some focus on USD/KRW, JPY/KRW - both trading at 2-week highs, following dovish BOK comments. BoK Cut GDP forecast and does not rule out further Base Rate cut after no change decision on Thursday.
USD/KRW hit 1,016.4, up from the open of 1,015.4, and Thursday close of 1,013.4. To highest level since Jun 27 1,017, and up from 6-year lows of 1,008.4.
JPY/KRW back above psychological 10.000 handle, to 2-week highs 10.02/03 level, highest since Jun 25 10.32. Up from 6-year lows below 9.90 handle. A relief for BoK/ Korea MoF, given concerns over KRW rise vs USD, JPY and impact on Korean exports. More upside seen for USD/KRW and JPY/KRW, as Cross/JPY looks offered below 101.50. WL
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