Replace Foreign Minister Ahead Of Biden Inauguration

South Korea's daily new coronavirus cases hovered around 400 Wednesday, the figure was slightly up from 386 cases reported the previous day. The third wave of Covid-19 in South Korea peaked on Dec. 25, but has been showing signs of a slowdown since. The country extended its tougher social distancing measures for two more weeks until Jan 31, and urged residents to continue to follow protocols.

• The Presidential Office has announced that Foreign Minister Kang Kyung-wha will be replaced by former National Security Adviser Chung Eui-yong. The replacement of Kang, the only inaugural minister left on the Moon Jae-in Cabinet, is believed to be a part of a reshuffle the government was expected to announce this week.
• Elsewhere the South Korean government is said to be discussing extending stock short-selling ban for 3 months, the ban was originally scheduled to be lifted on March 16.
• Keeping an eye on USD/KRW, the rate has closed above the 50-DMA twice, keeping momentum bullish and possibly laying the foundation further rally toward the 100-DMA. December high of 1110.50 is next immediate resistance.