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- USD/KRW to extend its advance towards 1,250 – Credit Suisse
USD/KRW to extend its advance towards 1,250 – Credit Suisse
Economists at Credit Suisse anticipate a 25 bps hike from the Bank of Korea (BoK) on Thursday, April 14. But they still expect USD/KRW to continue rising toward 1,250.
New governor, same stance
“We expect a 25 bps hike from the upcoming BoK meeting. Although Governor Lee Ju-Yeol stepped down from the BoK board on 31 March, we think his hawkish views on household debt and upside inflation risks still resonate with the remaining MPC (six voters instead of the usual seven) will be meeting on 14 April.”
“Although the BoK began tightening well before the Fed, the more gradual pace of BoK rate hikes (25 bps per quarter) vs the Fed (50 bps moves expected in coming meetings) still points towards higher USD/KRW.”
“Because South Korea is a net oil importer we expect KRW to remain sensitive to global energy supply concerns, and we expect USD/KRW to continue rising toward 1,250.”
See – BoK Preview: Forecasts from seven major banks, maintaining its policy rate, vacant governor position a key factor
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