
Bank of Korea Governor Rhee Chang-yong said the central bank is focused on inflation, which reached 5.4% in May. The bank projects inflation to rise further in the second half, citing higher crude oil and wheat prices.
Rising oil and wheat prices feed through to Korean inflation and monetary policy, and a policy focus on inflation supports a firmer stance on rates, which can support the won.
After 57 past bullish macro events, Wheat (SRW) moved a median +0.3% over 5 sessions (65% higher; middle half -0.5% to +1.7%), and -0.7% over 20.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.