Coronavirus Cases Above 700 For Fourth Day

The won is broadly flat, USD/KRW giving back opening gains after the pair finished the day flat on Monday. The rate dropped as low as 1128.55 before recovering to close at 1131.80, last trading at 1132.20.

• On the coronavirus front there were 746 new cases in the past 24 hours, above 700 for the fourth day with authorities expressing concern over the delta variant with 418 infected with the delta variant according to latest data. Head of the health authority Jeong said South Korea is at a "critical point" to prevent COVID-19 infections in the greater Seoul area from spreading into other regions. The government has delayed the adoption of eased distancing measures by one week till Wednesday amid the recent virus resurgence, and authorities said they will closely monitor the latest situation before deciding Wednesday whether to implement the relaxed virus curbs in the wider Seoul area. Elsewhere the health ministry denied reports that it was in talks with Pfizer and Moderna to produce vaccines.
• There are no domestic releases on the economic docket today, further down the line markets await current account data on Wednesday. There may be some comments from Vice FinMin Lee on FX prudence later in the session.