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Onshore Markets Closed Today, But December CPI On Tap Soon

KRW

1 month USD/KRW finished the NY session close to 1259.50, fresh lows in the pair back to early June. This was a 1.1% gain for the won, outperforming broader USD weakness through Thursday, although moving in line with the yen. The rebound in equities, with tech outperforming, was also a driver of won strength. Yesterday, onshore spot ended at 1265.50. Note today onshore markets are closed, re-opening on January 2.

  • Still, we get December CPI, which prints shortly. The market expects a 0.2% m/m print (-0.1% prior), while the y/y pace is expected at 5.1% (5.0% prior). Core pressures are expected to ease to 4.6% y/y, from 4.8%.
  • Also note the BoK releases Q3 FX intervention data today. Then on Sunday, January 1, December trade figures are out.
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