The Bank of Korea (BOK) Vice Gov. Lee Seung-heon held a meeting to monitor global financial market situations following the five-day Lunar New Year holiday.

Key quotes

"During the Lunar New Year holiday, international financial markets appear to have remained stable as a whole,"

"But we should not let our guard down and keep close tabs on developments of global risks and their possible impacts on local financial markets and economy.”

“Major economies' stepped-up pace of monitory policy normalization, geopolitical risks, such as rising tensions between Ukraine and Russia, and uncertainty over inflation and economic conditions of major economies as factors that could heighten market volatility.”

Market reaction

USD/KRW is spiking to two-day highs of 1,206.19 on these cautious remarks while a broad US dollar rebound also underpins the currency pair. The spot is up 0.41% so far.