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CPI Inflation Accelerates More Than Forecast, Parliament To Vote On Budget 2022 Proposal

KRW

Spot USD/KRW remains within yesterday's range, last sits at KRW1,178.30, less than 1 fig lower on the day. Bears look for a fall through Nov 16 low of KRW1,175.50, which would clear the way to the 100-DMA at KRW1,169.96. On the flip side, a jump above Nov 29 high of KRW1,195.70 would bring Oct 12 high of KRW1,200.35 into view.

  • USD/KRW 1-month NDF last seen at KRW1,178.59, a touch higher on the day. Bulls look for a break above Nov 26 high of KRW1,198.18, while bears keep an eye on Dec 1 low/100-DMA at KRW1,173.22/1,172.96.
  • South Korea's CPI for the month of November topped expectations, with annual inflation accelerating to +3.7%, the fastest pace in 11 months, from +3.2% recorded in October. The rate of price growth has been above target for eight straight months. FinMin Hong commented that inflation is expected to ease this month as oil price stabilises and the impact of tax cuts in oil products kicks in.
  • Elsewhere, the final reading of South Korea's Q3 GDP was unchanged and matched consensus forecast.
  • DongA Ilbo reported that South Korea is considering halting "gradual return to normal life" amid an upsurge in new virus cases and the spread of the Omicron variant. The newspaper added that stricter social distancing rules could be decided as soon as tomorrow.
  • Meanwhile, officials have confirmed the first case of the new variant in the country. Daily infections topped 5,000 for the first time, critical cases also hit an all-time record.
  • Worth noting that South Korean parliamentary parties have tentatively agreed to hold a plenary vote on the 2022 budget proposal today.
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