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PPI Inflation Reaches Pace Not Seen In 13 Years

KRW

Spot USD/KRW trades +2.40 figs at KRW1,182.80 and bulls see Nov 5 high of KRW1,186.65 as their initial target, followed by Oct 12 cycle high of KRW1,200.35. Bears need a sell-off past the 50-DMA at KRW1,178.52 before taking aim at the 100-DMA/Oct 26 low at KRW1,164.91/1,164.05.

  • USD/KRW 1-month NDF last seen at KRW1,183.95, little changed on the day. Topside focus falls on Nov 4 high of KRW1,188.75. Conversely, bears would be pleased by a fall through Nov 9 low of KRW1,174.85.
  • South Korea's PPI inflation soared to +8.9% Y/Y from the revised +7.6%, reaching a 13-year high. Factory-gate inflation was boosted by higher oil and energy prices.
  • Focus next week turns to preliminary trade data (Monday), consumer confidence (Tuesday), business survey (Wednesday) as well as BoK MonPol decision (Thursday).
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