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Officials Acknowledge Severity Of COVID-19 Wave

SOUTH KOREA

The won has given back some of its gains after moving higher at the open, USD/KRW last down 1.25 at 1116.15, off session lows at 1113.75. Bond futures hold near session highs, last up 37 ticks at 126.84.

  • Acknowledging the severity of the coronavirus situation in the country officials have said it is possible that new case numbers could double in the next 1-2 weeks, and that a situation worse than the third wave is possible.
  • Officials also said that raising the social distancing level is possible if needed. South Korea earlier announced it will maintain current social distancing measures, while an announcement of stricter measures in infection hotspots is pending. In an effort to stem cluster infections at risk-prone facilities, authorities decided to suspend the business of clubs, bars and other entertainment establishments in Seoul. There were 671 new cases today, down from 700 yesterday which denoted the highest since early January. Authorities have been grappling with the rising number of new cases sparked by increased spring travel and loosened vigilance against the virus and warned previously that enhanced virus curbs may be adopted to flatten the curve. The health ministry said it will decide officially over the weekend whether to resume the use of the AstraZeneca vaccine after suspending it for those under 60 earlier this week.

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