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South Korean CPI Slows On Mobile Phone Fees Subsidy, KRW Unfazed

KOREAN WON

Spot USD/KRW has held a narrow range so far, having digested yesterday's recovery in risk appetite and worse than expected CPI figures released out of South Korea. The rate trades flat at KRW1,133.70 as we type.

  • Consumer prices took a hit in October, with CPI falling 0.6% M/M (est. 0.0%, prev. +0.7%) & rising 0.1% Y/Y (est. +0.8%, prev. +1.0%). Analysts have quickly noted that the largest drag came from telecommunication fees, owing to a one-off government subsidy covering mobile phone bills, which suggests that the slowdown in inflation may be temporary.
  • Korea Economic Daily reported that the gov't will likely press pause on its plans to impose capital gains tax on shareholders owning a stock worth at least KRW300bn.
  • South Korea declared 75 new Covid-19 cases today, but the impact of last weekend's Halloween celebrations is yet to be seen.
  • The BoK will release the minutes from its Oct monetary policy meeting this afternoon.
  • Bulls look for a move through yesterday's peak at KRW1,137.25, which would allow them to maintain momentum and target Oct 13 high of KRW1,151.45. Bears need a slide through Oct 27 low of KRW1,125 to regain control.
  • As a reminder, on Wednesday the BoK will hold a meeting to take stock of the impact of the U.S. election. Looking further afield, South Korea's BoP current account balance comes out on Thursday.
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