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Coronavirus Cases Back Above 1,500

KRW

Won is weaker in early trade, USD/KRW up 2.80 at 1147.25. The pair is rising from the lowest levels since mid-July hit at the end of last week, 2021 highs are still not far away at 1157.25.

  • On the coronavirus front South Korea recorded 1,540 daily new coronavirus cases on Tuesday, back to above 1,500 as the nationwide resurgence of COVID-19 cases continued amid the summer season. Health authorities said that virus infections in the greater Seoul area show signs of slowing due to the toughest social distancing measures, but cases piled up outside the capital areas. The authorities decided to extend the Level 4 distancing measures, the highest in the four-tier system, for the greater Seoul area until Aug. 22, with most other areas under Level 3.
  • There are no domestic releases on the economic docket today, markets look ahead the unemployment data tomorrow, bank lending figures are also due tomorrow.
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