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Won Outperformance Stalls, BoK Expected To Hike 25bps Today

KRW

1 month USD/KRW finished Thursday's session down 0.21%, leaving the pair at 1238.50. The won underperformed the broader USD sell-off, with the DXY index off by 0.9% post the CPI print. This leaves the pair within recent ranges, with earlier lows from the week sub 1235 still intact. Selling interest remains evident above 1245. Onshore spot ended yesterday at 1245.65. The main focus today will be on the BoK decision.

  • The consensus looks for a +25bps hike, but the call is not uniform, with several sell-side analysts calling for a pause from the BoK. See our full preview here. If the BoK does hike, it is expected they will signal a pause post today's outcome.
  • Earlier, trade prices for Dec showed a further slowing in import price growth (+9.1%y/y from 14.0%). Export price growth also eased to 3.1% y/y from 8.3%.
  • In the equity space, the lead for the Kospi remained a positive one. The SOX rose 1.25%, which puts the index now back above its 200-day MA, while the MSCI IT gained 0.80%.
  • To recap, the Kospi edged up 0.24% yesterday, while offshore investors added $344.2mn to local equities, bringing weekly net inflows to $985.1mn.
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