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Bank of Korea likely to keep official bank rate on hold in May

The South Korean central bank, Bank of Korea, is likely to keep its official bank rate on hold next week. According to a Scotiabank research report, the central bank will maintain the key rate at 1.25 percent during its meeting. According to a median forecast in a recent Bloomberg poll, the interest rate is unlikely to change until the second half of next year, when gradual rate hikes are anticipated.

During its last meeting, the Bank of Korea slightly revised up its growth and inflation projections for this year to 2.6 percent and 1.9 percent, respectively. Given the election of President Moon Jae-in, the focus is expected to shift to fiscal policy in the future. Moon’s election campaign vowed a KRW 10 trillion stimulus program of comparable magnitude to previous year’s stimulus plan and focused on job creation, noted Scotiabank.

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November 20 20:00 UTC Released

BRCAGED Net Payroll Jobs*

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77 k

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77 k

November 20 13:00 UTC Released

RURetail Sales YY

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3.0 %

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3.9 %

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3.1 %

November 21 13:55 UTC 452452m

USRedbook MM

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-1.2 %

November 21 13:55 UTC 452452m

USRedbook YY

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2.3 %

November 22 12:00 UTC 17771777m

USMBA Mortgage Applications

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3.1 %

November 22 12:00 UTC 17771777m

USMortgage Market Index

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401.7 Bln EUR

November 22 13:30 UTC 18671867m

USJobless Claims 4-Wk Avg

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237.75 k

November 22 13:30 UTC 18671867m

USInitial Jobless Claims

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240 k

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249 k

November 22 13:30 UTC 18671867m

USContinued Jobless Claims

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1.882 Mln

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1.860 Mln

November 22 14:30 UTC 19271927m

BRForeign Exchange Flows*

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-3.412 Bln USD

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