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Won Stronger, PPI Rises Again

KRW

The won is stronger in early trade, USD/KRW gapping lower at the open as the rate plays catch up with greenback weakness from Monday. USD/KRW last down 1.35 at 1133.25. The rate hit the highest since March yesterday at 1138.90.

  • Data earlier showed PPI rose 6.4% in May from a revised 6.0% previously. The gain was attributed to a modest rise in food and energy prices, and means producer prices extent their monthly gains for the seventh straight month. Consumer prices grew at the fastest pace in more than nine years in May on higher prices of farm and oil products, underscoring that inflationary pressure is building up amid an economic recovery from the pandemic-caused slump. Policymakers said consumer prices are expected to temporarily pick up in Q2 and then pull back.
  • On the coronavirus front South Korea reported 357 new coronavirus cases in the past 24 hours, falling below 400 due to fewer tests over the weekend, but health authorities remain vigilant over rising cases of the more contagious Delta variant and pandemic fatigue.
  • There are no releases on the economic docket today, markets look ahead to consumer confidence figures on Wednesday and the Business Survey on Thursday.
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