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Another Day Of Record Coronavirus Cases

KRW

The won is stronger today, a weaker greenback dragging USD/KRW lower. The pair last trades at 1151.50 after hitting a fresh 2021 high at 1153.90 yesterday.

  • The won could come under pressure after South Korea reported record daily COVID-19 cases for the second day. There were 1,842 new cases with authorities noting mass infections from a virus-hit Naval unit, while it seems increasingly likely officials will extend the toughest virus restrictions in the wider Seoul area. Concerns are also rising over the delta variant, which has fast become the nation's dominant strain constituting 76% the past week.
  • Elsewhere, Fitch affirmed South Korea at AA- with a stable outlook. In the report Fitch said "Korea's rating balances robust external finances, resilient macroeconomic performance and modest fiscal headroom against geopolitical risks related to North Korea and medium-term structural challenges from an ageing population. The strong economic recovery, underpinned by the government's effective management of the coronavirus pandemic and a dynamic export sector, should continue to support Korea's credit metrics in the near term."
  • There are no domestic releases on the economic docket today, markets look ahead to GDP and retail sales data next week.
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