Tax Revenue Expected To Fund Extra Budget

The won is stronger in early Asia-Pac trade, USD/KRW playing catch up with Friday's move lower in the greenback, the pair last trading down 6.00 at 1110.45.

• On the coronavirus front South Korea reported 485 new cases in the past 24 hours, below 400 due to fewer tests after 556 on Sunday. The country is due to start vaccinations for people aged 60-64; approximately 7.6m people, or 14.8% of the population, have received first shot of vaccine so far
• Elsewhere there were reports in the Yonhap that South Korea may collect around KRW 32tn in excess tax revenue this year, potentially securing ammunition to finance another round of an extra budget under review. Finance Minister Hong said Friday the government is considering creating this year's second extra budget with a larger-than-expected tax revenue in a bid to underpin an economic recovery and support vulnerable groups hit hard by the pandemic, ruling out the issuance of extra debt to fund the budget.