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SOUTH KOREA: Country Wrap: BOK Rate Cut, A Major Policy Shift?

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News
  • The Bank of Korea (“BOK”) surprised markets cutting rates this morning by 25bps despite the overwhelming consensus from economists was for no change as the currency had depreciated over 3% following the cut at the meeting in October. (source: MNI – Market News).
  • S.Korean Finance Minister Choi Says Won Isn’t Alone in Weakening (source: BBG).
  • BOK’s Rhee Sees Reason to Boost FX Swap With NPS “Substantially” (source:  BBG).
  • Korea’s KOSPI shrugged off the rate cut finishing virtually unchanged.
  • KRW: weakened on the rate news off -0.29% for the day.
  • Bonds: aggressive rally with curves steepening, 5-year 9 bps tighter at 2.719%.
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  • The Bank of Korea (“BOK”) surprised markets cutting rates this morning by 25bps despite the overwhelming consensus from economists was for no change as the currency had depreciated over 3% following the cut at the meeting in October. (source: MNI – Market News).
  • S.Korean Finance Minister Choi Says Won Isn’t Alone in Weakening (source: BBG).
  • BOK’s Rhee Sees Reason to Boost FX Swap With NPS “Substantially” (source:  BBG).
  • Korea’s KOSPI shrugged off the rate cut finishing virtually unchanged.
  • KRW: weakened on the rate news off -0.29% for the day.
  • Bonds: aggressive rally with curves steepening, 5-year 9 bps tighter at 2.719%.