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Won Among Best Performers In Asia


The won is among the best performers in Asia as the greenback holds its declines, USD/KRW is lower for the first time in 5 days. There is some chatter of local exporters selling US dollar.

  • Risk sentiment is positive in South Korea with the KOSPI rising 0.66% after declining a total 0.83% so far this week. Risk sentiment is supported by reports that South Korea is close to an agreement with Novavax for the purchase of 10m Covid-19 vaccines, to add to a total 56m vaccines from other producers. It is hoped South Korea will have access to the Novavax product in Q2. New cases have fallen again, now below 600 for a 3rd day.
  • Markets shrugged off the jobless data earlier in the session. The unemployment rate rose to 10-year high of 4.6% in December from 4.1% in November – the jump in the unemployment rate denotes the highest number of jobs lost in two decades at 628k.
  • Finance Minister Hong Nam-ki released a statement saying difficulties in the labor market are likely to persist through February and pledged to do more to combat it.
  • USD/KRW last down 4.65 at 1095.10, moving in a narrow range after opening lower.

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