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Coronavirus Cases Drop To Two-Month Low

KRW

The won is weaker to start the week on Monday, USD/KRW giving back all of Friday's gains. The rate last up 4.70 at 1115.90.

  • Comments from BoK Governor Lee on Friday led markets to believe that the bank could be considering an interest rate hike and saw yields rise. 10-year yield now around 4.5bps below its 2021 high. Lee said "the current accommodative monetary policy should start to be normalized at an appropriate timing in an orderly fashion if the economy is forecast to continue its solid recovery."
  • Elsewhere South Korea reported 399 new coronavirus cases in the past 24 hours, the lowest in over two months. Health authorities are set to overhaul the country's social distancing scheme next month after extending the current distancing rules until July 4 as vaccinations pick up steam.
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