South Korea Reaches Deal To Purchase Extra Vaccines

The won has weakened slightly against the USD, reversing some of the strength seen yesterday. USD/KRW last trades a 1101.75, still hovering around the lowest levels since late January.

• The South Korean government announced deals to buy additional coronavirus vaccines for 23m people, the deals include Novavax vaccines for 20m people and Pfizer products for 3m.
• Data earlier in the session showed South Korea's export prices increased in January, rising for the second straight month. The print was supported by a modest recovery in exports and a slight decline in the value of the won against the USD.
• Elsewhere, Finance Minister Hong Nam-ki is scheduled to attend a parliament session at 0200GMT/1000KST, the government could discuss a fourth cash handout. It was reported yesterday that the ruling party's floor leader Kim Tae-nyeon said the stimulus would have to be bigger than previous, and would result in additional issuance – confirming the suspicions of bond investors. This budget will be for citizens who have been most affected by the pandemic, but there is chatter of further handouts to citizens to boost consumption further down the line.