Unemployment Hits Highest In A Decade

The won could be on the backfoot again on Wednesday after data showed the South Korean unemployment rate in December rising to 4.6% from 4.1%, and above expectations for 4.1%. The December print denotes the highest level in 10-years.

• South Korea's latest coronavirus wave is continuing to recede, but tight social distancing measures and a spate of cold weather likely impacted negatively in December.
• New infections have declined in January, lowering the risk that authorities will need to impose the tightest level of restrictions to stem the spread. The seven-day average of new daily cases eased to 667 as of Jan 11 -- down from a peak of 1,047 on Dec 25, and below the 800 threshold that would prompt authorities to consider lockdown-like measures. Domestic activity remains subdued due to anti-virus curbs, which are set to stay at the current level until at least Jan. 17.