1 Month USD/KRW Back To low 1270 Region, No Change Expected From The BoK Today

1 month USD/KRW fell 1.33% for Wednesday's session, finishing the NY session just under 1273. The pair was sitting closer to 1288 prior to the US CPI print. Note onshore spot closed yesterday near 1289, so the early impetus will be to the downside when spot markets open today. For the 1 month NDF, mid June lows near 1263.50 are within striking distance.

• Today we have the BoK, which is expected to remain firmly on hold, see our full preview here. Governor Rhee's briefing is scheduled to kick off at 11.10am local time (03:10 BST).
• Earlier, June trade prices showed weakness in both export and import prices. Import prices are now -15.7% y/y, export prices -14.7% y/y.
• The US 'strongly condemned' North Korea's long range ballistic missile test, which the country reportedly launched due to claims US spy planes are violating the country's airspace.
• In the equity space, the lead for the Kospi is positive today, with tech related indices outperforming in US trade post the CPI print, MSCI IT up 1.27%. To recap, the Kospi rose 0.48% yesterday, with offshore investors adding a modest +$19.9mn to local shares.