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BoK First Major Central Bank To Hike Rates

KRW

The won strengthens after the BoK hikes rates 25bps to 0.75%, USD/KRW last down 2.95 t 1164.55, compared to session lows of 1163.00 at the open. 1-week implied volatility for the pair has jumped to 7.71, up 0.35, following the announcement.

  • The decision was on a knife edge with 9 analysts surveyed by Bloomberg expecting a 25bps hike and 10 expecting no change. It would seem the BoK has prioritized concerns around household debt over the fourth wave worries.
  • The Bank also raises its 2021 CPI forecast to 2.1% from 1.8% previously, acknowledging supply chain constraints as the coronavirus impact economies worldwide, while 2022 CPI is seen 0.1ppts higher than previous at 1.5%. 2021 GDP is seen at 4%, in line with the previous estimate.
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