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Hovers Around 50-DMA

KRW

The won finished the session yesterday broadly flat, reversing early weakness. USD/KRW flat early in the session on Tuesday, the pair last up 0.80 at 1157.30. The pair sits just above its 50-DMA at 1152.40.

  • Data earlier showed current account surplus slightly narrowed in July due to reduced trade surplus, although exports maintained strong growth. The current account surplus reached $8.21bn in July, from $8.85bn previously. The goods balance logged a surplus of $5.73bn in July, down from $7.01bn.
  • On the coronavirus front there were 1,597 new cases in the past 24 hours. As a reminder ahead of the Ahead of the Chuseok holiday, set for Sept. 20-22, authorities decided to extend the current distancing measures (Level 4 in the greater Seoul area, which is the highest in the four-tier system, and Level 3 in other regions) for another four weeks through Oct. 3. Authorities said they will consider a new COVID-19 policy if infections dip to a manageable level after the holiday.
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