BoK does not rule out further easing

US Federal Reserve is more likely to hike its near zero interest rates almost after a decade. With the growing likelihood of the rate hike, and Korea's strong revival in the services economy after the MERS shock, the Bank of Korea is likely to avert from being more accommodative in Q4 2015.

"The underlying growth momentum to remain weak into 2016 and the stance of monetary policy to remain accommodative well into next year", says Barclays in a research note.  

The bank will rather wait and see if the Q3's rise in growth momentum can be sustained in Q4.

"We continue to expect a 25bp policy rate cut in Q1 16, during the run-up to the National Assembly elections in April. Regardless, with our base case that exports (value) remain on a soft footing, we think that a much weaker KRW bias is also needed", added Barclays.