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Comments Fail To Stem Won Weakness

KRW

KRW: The won is weaker, after seeing a brief period of strength after the open. USD/KRW last up 3.45 at 1137.15. The move higher is led by a stronger USD on higher US yields. A statement from the Finance Ministry earlier said South Korea will closely monitor movements in the financial and FX markets including the US, this saw a brief bid in the won, but it was reversed.

  • The finance ministry added it will tighten efforts to stabilize markets if volatility rises quickly, adding inflow and outflow of foreigners' investment are generally stable, while there are some potential uncertainties.
  • South Korea's daily new coronavirus cases fell to 382 in the past 24 hours, back to below 400 for the first time in a as the number of people taking virus tests decreased over the weekend, but health authorities warned that the virus curve is set to follow an upward cycle amid warm weather and an increase in nontraceable cases. The figure was sharply down from 459 on Sunday. The daily new cases stood above 400 over the past week due to sporadic cluster infections and an increase in people traveling amid warmer weather according to the health ministry.
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