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Coronavirus Cases Jump Above 2,000


Won is weaker, USD/KRW gapping higher from the open as the greenback catches a bid post FOMC minutes. The pair last up 5.00 at 1173.30 after falling 8.05 yesterday having rejected 1180.00.

  • On the coronavirus front there were 2,152 new cases in the past 24 hours, up from 1,805 yesterday with the long weekend being blamed for increased transmission. Daily infections rebounded after falling to 1,556 on Monday and 1,373 on Tuesday due to fewer tests over the weekend and the Liberation Day that fell on Monday. The record high sits at 2,222 which was recorded on Aug 11. The government said Wednesday it will decide on whether to maintain the strongest virus restrictions for another two weeks on Friday.
  • Short term external debt figures will be released later in the session. Koh Seung-beom, the nominee for the FSC said he will push for strong measures to tackle household debt. "It is very urgent to get rid of macroeconomic risks stemming from household debt," said Koh. Household debt has been cited as a concern by the BoK and the government. Household credit reached a record KRW 1,765tn as of end-March, up 9.5% from a year earlier. In April, the FSC unveiled a set of measures to slow the growth of household debt by expanding tougher rules to more borrowers of home-backed lending.

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