Korean Won to See Better Days on Lee Jae-myung's Election Victory
0055 GMT — The Korean won is set to see 'better days ahead' following the Democratic Party's Lee Jae-myung victory in the country's presidential election, TD Securities says. 'We see two wins for KRW on the horizon,' two members of the brokerage's Global Rates, FX & Commodities Strategy say. These are an imminent fiscal package and a swift U.S.-South Korea trade deal, they say. However, the brokerage's 'Macro Ranking Scorecard Index' is neutral on KRW, and doesn't favor chasing USD/KRW lower on this news. Instead, TD Securities prefers selling USD/KRW into USD rallies and likes short USD/KRW positions above 1,400.00. USD/KRW is 0.2% lower at 1,375.66. (ronnie.harui@wsj.com)
0033 GMT — Asian currencies consolidate against the dollar in the morning session, but may be buoyed by Tuesday's strong U.S. job openings data. The Job Openings and Labor Turnover Survey, known as the JOLTS report, showed 7.4 million open positions listed in April, beating economists' expectations. The surprise lift in JOLTS figures has bolstered sentiment, NAB's Tapas Strickland says in a commentary. The data likely highlights ongoing resilience in the U.S. labor market, the head of Market Economics adds. USD/JPY edges 0.1% lower to 143.88; USD/SGD is little changed at 1.2892; AUD/USD is steady at 0.6460. (ronnie.harui@wsj.com)
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