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Coronavirus Restrictions To Be Reviewed Friday

KRW

Won is slightly weaker today, USD/KRW moving higher at the open as the rate plays catch up with strength in the greenback. USD/KRW last up 2.15 at 1145.85 having closed near session lows on Wednesday.

  • On the coronavirus front there were 1,776 new cases on Thursday, above 1,700 for the second day. Health authorities are expected to extend the current distancing rules, which have been in place since mid-July for another two weeks, at a meeting on Friday.
  • Elsewhere the Ministry of Employment and Labor published an official notice of next year's minimum hourly wage at KRW 9,160, a 5.1% increase Y/Y.
  • There were also reports that BoK's Koh, the dissenter at the last meeting and known as one of the most hawkish members, has been named as the head of the FSC in South Korea. At the last meeting Koh expressed a minority opinion that "the base rate should be raised". In view of the recent increase in household debt and the flow of funds into the asset market, such as real estate, Koh argued that it is necessary to raise the base rate for financial stability.
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