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Inflation Fight Likely To Remain The Focus

BOK

The BoK statement suggests curbing inflation pressures will remain the key focus. Headline CPI is expected to remain above 6% for some time, which means the May forecast projection by the BoK (around 4.5% for 2022 inflation), is likely to upgraded significantly. Core inflation is also expected to exceed the 4.5% forecast from May.

  • GDP growth is likely to be below May's 2.7% forecast for 2022. Domestic consumption is expected to recover further, but investment and slowing exports (due to weaker external demand) are offsets.
  • BoK will keep raising rates, although the pace is dependent on how inflation/growth dynamics evolve.
  • KTB 3 and 10yr futures have moved off their respective highs for the session, but remain within the day's range.
  • USD/KRW has edged back up to 1307, as local equities have moved off their highs.
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