Runs In To 50-DMA

The won is weaker, USD/KRW breaking out of yesterday's range to trade 1.45 higher at 1118.25. The pair now sits on its 50-DMA with the 100-DMA just above at 1119.55.

• On the coronavirus front there were 374 new cases in the past 24 hours, the lowest since late March. The vaccination drive has gathered steam with inoculations expected to top 13 million soon.
• Elsewhere, Japan traded barbs with South Korea over the failure to hold bilateral talks at the sidelines of the G7 summit. Japan's Chief Cabinet Sec Kato denied an earlier Yonhap report, which suggested that Tokyo unilaterally cancelled a planned meeting between leaders of both countries.
• Finance Minister Hong said late yesterday that the government will consider repaying part of the country's national debt with excess tax revenue when it draws up another extra budget. The government forecasts it will collect KRW 315tn in tax revenue this year, up KRW 32tn from its earlier forecast of KRW 283tn. The ruling Democratic Party floated the idea of providing another round of stimulus checks to all households as early as the summer, but the finance ministry has opposed the universal payment of relief funds, citing the growing national debt.