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Coronavirus Cases Jump

KRW

After starting the session with gains the won has weakened to neutral levels, USD/KRW last trading up 0.35 at 1166.35.

  • South Korea's daily new coronavirus cases spiked to over 2,000 again Wednesday at 2,155, he Seoul metropolitan area reported a record high daily caseload since the pandemic began amid growing concerns over untraceable and variant cases.
  • Elsewhere the ruling party and the government late Tuesday agreed to draw up the biggest ever annual state budget of KRW 605 trillion for 2022 to finance the country's efforts to tackle the COVID-19 crisis. This represents a slight increase from this year's budget of KRW 604.7 trillion, including the regular budget of KRW 558 trillion and two rounds of COVID-19 response extra budget.
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