Korea reports July trade and June current account data Monday
Exports are expected at -4.4% y/y and imports at -10.6% y/y. It then reports July CPI Tuesday, which is expected to remain steady at 0.8% y/y. This remains well below the 2.5-3.5% target range. BOK last cut rates 25 bp to 1.25% in June. We do not think it was “one and done” and so we look for another cut in Q3. The next policy meeting is August 11.