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Inflation Accelerates To Fastest Pace Since 2012

KRW

Spot USD/KRW last changes hands at KRW1,175.65, ~1 fig lower on the day. Further losses past Oct 26 low of KRW1,164.05 would bring the 100-DMA at KRW1,157.45 into play. Bulls look to a move through Oct 22 high of KRW1,180.40, which would open up Oct 18 high of KRW1,188.40.

  • USD/KRW 1-month NDF last seen at KRW1,176.57, ~2 figs worse off. Downside focus falls on Oct 26 low/100-DMA at KRW1,165.03/1,162.26. Conversely, Oct 22 high of KRW1,181.32 provides the initial layer of resistance, followed by Oct 18 high of KRW1,189.22.
  • South Korea's consumer price growth accelerated to +3.2% Y/Y in October from +2.5% prior, only marginally missing median estimate of +3.3%. Headline inflation reached fastest pace since 2012, moving further away from the BoK's target of +2.0%, as heightened energy prices and a low-base effect boosted the latest reading.
  • Worth noting that South Korea's central bank will release the minutes from their Oct monetary policy meeting this afternoon.
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