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CHINA PBOC CONDUCTS CNY1.17 BILLION VIA 7-DAY REVERSE REPOS FRI

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MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

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MNI: SWISS JUL CPI -0.2% M/M, +1.3% Y/Y

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FinMin & BoK Gov Pledge Efforts To Curb Inflation

KRW

Overnight greenback purchases, inspired by hawkish Fed repricing, resulted in a firmer re-open for spot USD/KRW, which has given away some of its initial gains since. The rate last operates +2.05 figs at KRW1,198.65, with bulls setting their sights on Jan 28 high of KRW1,207.25. On the flip side, a fall through yesterday's low of KRW1,193.50 would bring the 50-DMA at KRW1,190.61 into play.

  • USD/KRW 1-month NDF last -1.28 fig. at KRW1,199.58. Bears keep an eye on Feb 9 low/50-DMA at KRW1,193.74/1,192.75, while bulls look to a jump above Jan 28 high of KRW1,214.39.
  • FinMin Hong & BoK Gov Lee emerged from a meeting pledging commitment to tackle inflation expectations and core inflation, as they tipped hat to widening inflation pressures.
  • Focus moves to South Korea's terms of trade (Tuesday) & jobs market data (Wednesday).
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