• USD/KRW is down at 1,333.75 in Seoul morning; versus yesterday's close of 1,335.25.
• Bloomberg Asia dollar spot index is flat at the open and the Bloomberg Dollar spot index is 0.05% higher.
• USD/KRW one-month implied volatility is down this morning to 8.1150%, versus 8.2250% yesterday’s close.
• Korea's 10-year bond yield is 2bp lower in yield at 3.03%.
• Korea 5 yr USD CDS at 31bps (yesterday close 31bp, 5-year low 17bps in 2021).

Headlines

• South Korea’s Financial Services Commission will be wary of surplus liquidity in the real estate market when the Bank of Korea starts its easing cycle, Kim So-young, (source; Financial Services Commission).

Data Releases

• SK PPI +1.6% for August versus 2.6% prior.
• Retail Sales August +9.2% versus +6.3% prior.
• Department store sales August +4.4% versus -6.4% prior. 

Government Bond Auction

• Bank of Korea to Sell KRW800bn Won 91-Day Bonds.
• South Korea to Sell KRW1.3tn Won 5-Year Bonds.