Coronavirus Cases Drop But Remain Elevated

The won is slightly weaker in early trade, USD/KRW retracing yesterday's move lower after a more hawkish than expected BoK rate announcement, while the rate is further pressured by a bounce in the greenback. USD/KRW last up 1.40 at 1142.80.

• On the coronavirus front new cases dipped slightly in the past 24 hours, but remain elevated. There were 1,536 new cases, down from 1,600 on Thursday. The greater Seoul area, home to half of the country's 51.3 million population, has been under the highest level of social distancing measures since Monday, while most other regions have toughened restrictions from Thursday. The government cautioned that new cases were likely to remain elevated through to the end of July and could peak at over 2,000. Prime Minister Kim has urged regional governments to adopt further toughened restrictions.