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KRW Trims Initial Losses, Eyes BoK MonPol Decision

KOREAN WON

Spot USD/KRW popped higher at the re-open of onshore trade, after risk sentiment was subdued yesterday, owing to the mix of factors outlined in earlier bullets. The main event on South Korean calendar today is the monetary policy decision from the BoK, although none of the economists surveyed by BBG expects any change to the main policy rate. Per our own preview, the BoK will stand pat today, but will likely keep its view on the outlook cautious.

  • Separately, FinMin Hong holds a meetings to review housing markets and strengthen competitiveness in materials, parts & equipment, while Cive FinMin Kim holds a meeting to review financial markets an economy. Any fallout from those meetings could provide interest.
  • Looking further afield, Soth Korea will release terms of trade & unemployment data on Friday.
  • USD/KRW has quickly pared its initial gains and last trades at KRW1,147.20, little changed on the day. A clean breach of Oct 12 low of KRW1,146.90 would expose Apr 15 low of KRW1,132.10. Conversely, a break above Oct 7 high of KRW1,165.95 is needed to turn focus to Sep 28 high of KRW1,174.80.
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