BOK Official: Premature to decide on rate cuts to counter virus impact, USD/KRW at seven-week high
|It is too early to decide on further monetary policy easing to counter the China coronavirus economic impact, the Bank of Korea’s (BOK), South Korean central bank, Senior Deputy Governor Yoon Myun-shik told reporters on Thursday.
Key Quotes:
The bank will closely monitor markets amid the coronavirus outbreak and will watch its impact on the economy with caution.
Premature to say whether the potential impact from the new coronavirus should be countered with further easing.
The BOK left the key interest rate unchanged at 1.25% at its monetary policy meeting held on January, 17th.
FX Implications:
The above comments had little to no impact on the Korean Won, with USD/KRW keeping its range near a seven-week high of 1,184.01 amid rising concerns over China’s coronavirus spread. The cross rises 0.32% so far this Thursday.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.