Virus Cases Rise Again

After the rise in the greenback on Thursday USD/KRW opened higher, last up 1.85 at 1119.25, down from opening levels of 1120.65. Near term resistance is seen at the April 16 high of 1121.15. Equity markets are lower in early trade, struggling on the back of a negative lead from the US.

• Market awaits potential comments from Vice Finance Minister Lee after a meeting to review inflation, Korea's New Deal strategy
• South Korea reported 797 daily new virus cases today, nearing 800 as growing untraceable cases, coupled with cluster infections, continued to hamper the country's virus fight against the pandemic. The daily caseload has been in the upward trend recently. The daily tally was in the 500s on Monday and Tuesday but jumped to the 700 range with 731 on Wednesday and 735 on Thursday, stoking concerns over another wave of the pandemic.
• Officials have said they are preparing to import J&J's Covid-19 vaccine as scheduled after the inoculation was approved for use by the EU drug regulator, saying benefits outweighed risks. There is no timetable for the import, but it was previously announced South Korea would take 6m doses from Q2.
• More than 2 million people have received COVID-19 vaccines in South Korea as of Thursday. Authorities have said they aim to complete inoculation of 3 million people by the end of April and 12 million people by end-June, with a goal of achieving herd immunity by November