GS Morning

This daily report covers US inflation forecasts, the outlook for the Korean Won amid semiconductor export growth, and emerging market FX intervention strategies. It also provides a cautious outlook on equity market positioning due to high AI-related concentration and momentum risks.

Key Takeaways

• 1.The US core CPI is expected to increase by 0.17% in May, keeping the year-over-year rate at 2.8%.
• 2.KRW inflows are expected to improve as semiconductor export revenues ramp up and are repatriated.
• 3.Emerging market FX intervention measures in India, Indonesia, and Korea have seen mixed effectiveness, with India's seen as the most forceful.

Table of Contents

• FX Trader Call Today
• US ECONOMICS (MERICLE) – US CPI Preview
• KRW – When The Chips Are Down
• EM MARKET STRATS (SUN LU) - Will Stronger FX Measures Turn Around Asia FX?
• Equities Update