TIMIRAOS: June CPI readings were broadly muted. Core goods prices fell for a second consecutive month, down 0.09%. Housing rose only 0.12%. Core services ex-housing declined 0.2%, the weakest since the pandemic.

South Korea plans to ease capital-transaction foreign exchange rules in H2 2026 as part of a strategy to internationalize the won and expand its overseas use. Measures include incentives for current-account transactions settled in won and expanded channels for foreign investors to buy won-denominated financial products to boost demand for the currency. The government will relax borrowing limits for foreign financial institutions to improve access to won liquidity for securities settlement and promote won-denominated trade finance via a currency-swap fund. Officials will strengthen 24-hour market monitoring and response mechanisms to manage volatility and maintain outreach to foreign investors. The government also commits to issuing further H2 measures to deepen the deliverable FX market and make it easier for offshore participants to obtain and use the won.

Federal Reserve governor WALLER said he is committed to returning inf to the 2% target while avoiding excessive tightening that could raise the risk of recession.