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Coronavirus Cases Jump


The won is holding in a narrow range after finished near session highs on Monday, the pair last 15 1148.40 with chatter of bids around 1148.00.

  • Coronavirus cases jumped again, after hovering in the 1,200's for two days there were 1,725 new cases in the past 24 hours. The current wave of the pandemic has yet to come under control, as the growing number of travelers in the summer season and the more infectious delta variant put the country's virus battle on edge, authorities warned last week that case numbers were likely to rise higher still. Authorities have been warning they could impose further enhanced measures should the number of daily cases continue to rise throughout this week.
  • The BoK minutes from the July meeting released late yesterday showed the Central Bank retains a hawkish tilt even in the face of the fourth wave of the pandemic. August is now a live meeting and several banks have bought forward expectations of a first rate hike to the next meeting.
  • Elsewhere, FX reserves rose to an all-time high in July as a weaker USD raised the value of non-dollar assets. Reserves came to $458.7bn as of end-July, up $4.58bn from June.

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