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Covid Cases Cause For Concern In South Korea

KRW

A record jump in Covid cases and the prospect of even tighter restrictions is putting pressure on the won today, USD/KRW last down 50 pips at 1092.75.

  • South Korea reported a record jump in cases yesterday, reporting 1,078 cases. Health authorities said the current second-highest social distancing measures have failed to curb the virus spread, and said it will implement the toughest level 3 restrictions if necessary.
  • Minutes of the November Bank of Korea meeting showed a board member said asset purchases may need to be expanded to ease volatility in long term yields, while another called for close examination of recent volatility in the exchange rate.
  • Data on Wednesday showed the unemployment rate fell to 4.1% from 4.2%, but the breakdown of the data showed 273k jobs were lost in November marking the ninth straight month of declining employment.
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