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South Korea Tightens Covid Rules, FinMin Downplays Potential For Boosting Extra Budget

KRW

Spot USD/KRW trades -2.80 figs at KRW1,146.10 at typing, with bears looking for a slide through Jun 21 high of KRW1,138.90. Conversely, gains past Jul 9 high of KRW1,149.95 would provide a fresh tailwind for bulls.

  • USD/KRW 1-month NDF sits +1.45 fig. at KRW1,146.40, with bulls keeping an eye on Jul 8 high of KRW1,151.10. Bearish focus falls on Jul 5 low of KRW1,128.76.
  • South Korea's firmer Covid-19 regulations take effect today, with the greater Seoul area placed under highest-level restrictions. Tighter curbs have been implemented until Jul 25, but may be extended.
  • FinMin Hong suggested that it would be difficult for the gov't to increase the size of the extra budget, currently reviewed by parliament.
  • South Korea's exports rose 14.1% Y/Y in the first 10 days of June, with daily average exports growing 21.2%, while imports rose 33.3%.
  • Focus in South Korea turns to domestic unemployment, due Wednesday), and the latest monetary policy decision from the BoK, due Thursday.
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