South Korea Unveils Roadmap to Make Won Freely Exchangeable Globally

The South Korean government on Sunday unveiled the won internationalization roadmap designed to transition the won from a heavily regulated asset into a freely convertible currency.

The plan includes building infrastructure for around-the-clock, location-free trading, according to a statement by the finance ministry on Monday.

Authorities also pledged to maintain balanced risk management measures alongside the gradual push for internationalization.

The joint effort involves the Ministry of Economy and Finance, the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service, and the Korea Securities Depository.

Daily Roundup of Key US Economic Data for July 17

Housing starts jumped by 19% to a 1.427 million annual rate in June, compared with expectations for a smaller increase, with single-family housing starts lower and multi-family starts sharply higher.Building permits fell by 3% to a 1.367 million rate in June. Both single-family and multi-family permits declined. Homes permitted but not started decreased by 3%, suggesting starts could slow in the coming months.The number of homes under construction declined but completions surged in the month, which should add to supply of homes for sale in the near term. Completions were 1.5% above their year-ago level.Import prices rose by 0.3% in June and were up 0.5% when a 0.7% drop in petroleum prices is excluded.Export prices fell by 0.6% in June and were down 0.7% excluding a 0.2% gain in agricultural prices.June industrial production rose by 0.1% after a 0.1% gain in May, with manufacturing production flat overall and down 0.1% excluding a 0.7% gain in motor vehicle and parts production.Utilities output rose by 0.4% on a gain in electricity production that was offset by a decline in natural gas production. Mining production increased by 0.4%.The preliminary Michigan Sentiment index rose to 54.4 in July from 49.5 in June, the highest level since February, with gains in both the current conditions and expectations readings.Michigan said that inflation expectations improved at the one-year horizon and was unchanged at the five-year horizon.The Q2 GDP nowcast estimate from the St. Louis Fed is for a 2.058% gain, revised up from 1.717% gain in the previous estimate, while the Q2 GDP nowcast estimate from the Atlanta Fed is for a 1.7% gain, unrevised from the previous estimate.

Cargo Traffic to Los Angeles Port Expected to Fall in Week Ending Aug. 1

Cargo traffic at the Port of Los Angeles is expected to fall in the week ending Aug. 1, according to data from ship-tracking system Port Optimizer.A total of 110,834 20-foot equivalent units, a standardized measure of cargo capacity, are projected to reach the port in the week, the data showed. That volume reflects a 6.9% decrease from the previous week and a 13% fall from a year earlier.Twenty-one freight vessels are scheduled to arrive at the port in the week ending Aug. 1, the data showed. That compares with 23 vessels scheduled this week and 21 in the week ending July 25.The Office of the US Trade Representative said Wednesday it will impose a 25% tariff on certain imports from Brazil following the conclusion of a Section 301 investigation that found Brazil's trade practices unreasonable and restrictive to US commerce.

South Korea Unveils Roadmap to Make Won Freely Exchangeable Globally

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Daily Roundup of Key US Economic Data for July 17

Cargo Traffic to Los Angeles Port Expected to Fall in Week Ending Aug. 1

St. Louis Fed US Q2 GDP Nowcast Estimate 2.058% Gain vs Previous 1.717% Gain

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International3d ago
Daily Roundup of Key US Economic Data for July 17
Housing starts jumped by 19% to a 1.427 million annual rate in June, compared with expectations for a smaller increase, with single-family housing starts lower and multi-family starts sharply higher.Building permits fell by 3% to a 1.367 million rate in June. Both single-family and multi-family permits declined. Homes permitted but not started decreased by 3%, suggesting starts could slow in the coming months.The number of homes under construction declined but completions surged in the month, which should add to supply of homes for sale in the near term. Completions were 1.5% above their year-ago level.Import prices rose by 0.3% in June and were up 0.5% when a 0.7% drop in petroleum prices is excluded.Export prices fell by 0.6% in June and were down 0.7% excluding a 0.2% gain in agricultural prices.June industrial production rose by 0.1% after a 0.1% gain in May, with manufacturing production flat overall and down 0.1% excluding a 0.7% gain in motor vehicle and parts production.Utilities output rose by 0.4% on a gain in electricity production that was offset by a decline in natural gas production. Mining production increased by 0.4%.The preliminary Michigan Sentiment index rose to 54.4 in July from 49.5 in June, the highest level since February, with gains in both the current conditions and expectations readings.Michigan said that inflation expectations improved at the one-year horizon and was unchanged at the five-year horizon.The Q2 GDP nowcast estimate from the St. Louis Fed is for a 2.058% gain, revised up from 1.717% gain in the previous estimate, while the Q2 GDP nowcast estimate from the Atlanta Fed is for a 1.7% gain, unrevised from the previous estimate.

International3d ago
Cargo Traffic to Los Angeles Port Expected to Fall in Week Ending Aug. 1
Cargo traffic at the Port of Los Angeles is expected to fall in the week ending Aug. 1, according to data from ship-tracking system Port Optimizer.A total of 110,834 20-foot equivalent units, a standardized measure of cargo capacity, are projected to reach the port in the week, the data showed. That volume reflects a 6.9% decrease from the previous week and a 13% fall from a year earlier.Twenty-one freight vessels are scheduled to arrive at the port in the week ending Aug. 1, the data showed. That compares with 23 vessels scheduled this week and 21 in the week ending July 25.The Office of the US Trade Representative said Wednesday it will impose a 25% tariff on certain imports from Brazil following the conclusion of a Section 301 investigation that found Brazil's trade practices unreasonable and restrictive to US commerce.

International3d ago
St. Louis Fed US Q2 GDP Nowcast Estimate 2.058% Gain vs Previous 1.717% Gain