South Korean Won Rises On Retail Sales
Reversing a negative 1% drop last month, retail sales in South Korea instead accelerated by 1% on the monthly comparison. The higher than expected print compares to previous estimates that the report was going to rise by only 0.8% and supports appreciation in the underlying currency. The South Korean won gained by 40 pips immediately following the release to trade at 1070.75. With consumer demand back on the rise, Bank of Korea governors may continue to increase benchmark rates in order to quell already rising inflationary fears in the Asian economy.