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Bank of Korea Hikes Rates on July 16, First Tightening in 3.5 Years; U.S. CPI, PPI Due

GateNews
Forex
The Bank of Korea's monetary policy committee will raise the benchmark interest rate on July 16, marking the first rate hike since January 2023 in a 3.5-year cycle shift. The decision has become nearly certain, though market focus remains on potential back-to-back hikes in July and August and signals on the terminal rate level. Bank Governor Shin Hyun-sung's comments at a press briefing will be closely watched, particularly regarding the dollar-won exchange rate, which recently fell below 1,500 won, reducing back-to-back hike odds. Meanwhile, the U.S. will release June consumer price index (CPI) on July 14 and producer price index (PPI) on July 15. June CPI is expected to decline 0.1% month-on-month, while core CPI is forecast to rise 0.3%. Federal Reserve Chair Kevin Warsh will testify before Congress on both days. Canada's central bank will also announce rates on July 15.
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