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Needle Still Points South

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ECB forum on CBs starts

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The BoK will release minutes of the July meeting today, due at 0800BST/1600KST. At the July meeting the BoK kept rates unchanged, but did warn of uncertainty to the outlook even while keeping growth forecasts unchanged, there was one hawkish dissenter at the meeting. Dr. Koh Seungbeom voted for a hike despite the record number of COVID-19 cases and social distancing measures raised.

  • BOK Governor Lee even flagged future rate hikes, saying that the bank should normalise its monetary policy in an appropriate timing if the economy continues recovery. He also said that the bank stands ready to scale down its easy policy amid accelerating inflation rate and growing financial imbalances. Lee indicated the July meeting could be live saying that it would be the time to discuss adjusting policy.
  • GDP data was slightly weaker than expected but did not contain any major surprises and its unlikely to detail any normalising plans.