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USD/KRW Drifts Above 1280, BoK Governor Rhee Reiterates Sticky Core Inflation Pressure Risks

KRW

1 month USD/KRW spent most of the post Asia close drifting higher on Monday, although we remained within recent ranges. For the Monday session we finished at 1280.50, while onshore spot closed at 1281.90.

  • The won bias was impacted by higher USD/CNH levels and a negative equity tone in EU markets, although liquidity/sentiment was clearly impacted by US markets being out.
  • Late yesterday, BoK Governor Rhee reiterated the risk of sticky core inflation pressures and stated it was too early to contemplate rate cuts. The move down in core inflation has also been very slow to date.
  • These comments are in line with recent commentary, with the central bank still seeing risks it has not finished its tightening cycle yet. The next BoK board meeting is on the 13th of July.
  • The data calendar is empty today, but swings back into gear tomorrow with May PPI and the first 20-days of trade data out for June.
  • In the equity space, to recap, the Kospi fell 0.62% yesterday, while offshore investors sold -$437.7mn of local shares.
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