Coronavirus Cases Below 500 But Remain Elevated

The won is stronger on Tuesday, USD/KRW dropping at the pen after the greenback declined overnight. The rate last changes hands at 1124.50m down 3.10. The pair is coming close to support at its 50-day moving average of 1121.39, and a 38.2% retracement level at 1120.59, below which the 100-day moving average at 110.29 awaits. Intraday resistance is seen at 1129.99, a 23.6% retracement level.

• South Korea reported 478 daily new coronavirus cases on Tuesday, in the 400s for the second day amid sporadic cluster infections nationwide, with a potential resurgence looming amid loosened vigilance and increased spring travelers. The daily caseload had been hovering above 500 since Wednesday last week, before falling to 473 the previous day on fewer COVID-19 tests over the weekend. Authorities plan to announce social distancing guidelines that will be applied nationwide Friday but warned more enhanced virus curbs may be adopted as the country is highly likely to report more cases down the road.
• Elsewhere, there are reports in Yonhap that PM Chung, a potential presidential candidate, is likely to offer his resignation as early as next week.