Strong Jan CPI Print, Retail Sales On Tap

The 1-month NDF was pressured through yesterday's session, falling around 0.9%, briefly printing below 1220 before retracing to finish dealing at 1220.97. Broad based pressure on the USD was evident as Fed Chair Powell noted "the disinflation process has begun" and he didn't push back on the easing of financial conditions after raising rates by 25bps.

• Jan CPI printed stronger than expectations this morning, the MoM reading was 0.8% vs 0.7% exp. The YoY reading was 5.2%, stronger than the forecast 5.0%.
• Finance Minister Choo said the Fed decision helped clear market uncertainty, and they'll strengthen monitoring over financial markets. He also noted inflation is to remain high and exports are weakening.
• Dec Retail Sales is on the wires later today, there is no estimate and the last reading was 8.4%.
• The equity lead is strong, SOX rose ~5% on Wednesday. To recap, KOSPI rose 1% yesterday, with foreigners buying ~$325mn in local shares.