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Inflation Beats Expectations, Early Voting In Presidential Poll Underway

KRW

Spot USD/KRW gapped higher at the re-open and has remained elevated, printing a fresh cycle high of KRW1,212.50. The rate last changes hands +5.95 figs at KRW1,210.60. Bulls now look for further gains past Jun 17, 2020 high of KRW1,218.60. On the flip side, downside focus falls on Feb 23 low/100-DMA at KRW1,189.85/1,188.63.

  • USD/KRW 1-month NDF last +3.98 figs at KRW1,212.00. Bulls set their sights on Jan 28 high of KRW1,214.39, while bears keep an eye on the 100-DMA at KRW1,190.22.
  • South Korea's CPI rose 3.7% Y/Y in February, accelerating from January's +3.6% and beating the consensus forecast of +3.5%. Core CPI inflation unexpectedly accelerated to +3.2% from +3.0%.
  • FinMin Hong said that South Korea will extend fuel tax cuts by three months in a bid to mitigate mounting inflationary pressure. The measure was set to expire at the end of next month.
  • Interior Min Jeon said that the business curfew on cafes, restaurants and other multiuse facilities will be pushed back by an hour to 11pm from Saturday.
  • Early voting in South Korea's presidential election got underway, with the two main candidates locked in a tight race. The official Election Day has been set for March 9 (a public holiday), with the presidential poll held alongside five parliamentary by-elections.
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