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Officials Consider Additional Movement Restrictions


Won is stronger in early Asia, USD/KRW dropping some 0.6% the open as the rate plays catch up with USD weakness after the greenback slipped following FOMC Chair Powell's appearance at Jackson Hole. USD/KRW last trading down 5.00 at 1164.05, the lowest August 13.

  • On the coronavirus front South Korea reported 1,487 new cases in the past 24 hours, down from 1,619 on Sunday – authorities warned the decline in cases was due to fewer tests and they are still mulling extending the current level of social distancing ahead of next month's Chuseok holiday. Officials said they are planning to announce special measures that will be applied over Chuseok, which spans Sept. 18-22 this year, on Friday.
  • A poll by the Korea Chamber of Commerce and Industry painted a pessimistic picture for businesses in South Korea, the survey found firms are suffering from the triple hit of rising raw material costs, a coronavirus resurgence and an interest rate hike
  • Elsewhere Finance Minister Hong said the government will set aside KRW 6.3tn in the budget to support non-memory chip, bio-health and next-generation vehicle sector. Hong said these were seen as key industries which will help create more jobs and foster innovation-driven growth.

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