BOK’s Lee: To hold meeting November 4 to review impact from US election

Bank of Korea (BOK) will hold a meeting on November 4 to review the impact of the US Presidential election, Governor Lee Ju-yeol said at a media briefing on Monday.

Additional quotes

“BOK to closely monitor markets ahead of US election.”

“Will take market stabilization steps if needed.”

“Market volatilities may increase amid a resurgence of coronavirus in Europe, and due to the result of US election.”

Last month Governor Lee said that the central bank could boost bond purchases if necessary and intervene in forex markets to curb the potential rise in exchange rate volatility

Market reaction

The South Korean won (KRW) found fresh bids on the above comments vs. the US dollar, as USD/KRW eased from weekly tops of 1,139.16.

At the time of writing, the cross drops 0.21% to trade at 1,134.

Standard Chartered analysts noted that the won “may be near its peak” against the greenback, especially in light of the recent 16-month lows in USD/KRW reached on October 27, Bloomberg reports.

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