Won Gains As BoK Gives Positive Assessment

The won is stronger in Asia on Friday, USD/KRW dropping at the open, the pair last down 3.70 at 1111.80.

• Earlier BoK Governor Lee spoke and said the economic recovery would become clearer in the second half of this year and the bank would start to normalize when the recovery was certain, noting that the bank was taking the virus and financial imbalances into account around the recovery. Lee added that household debt has become more serious recently.
• Elsewhere South Korea's exports jumped 40.9% Y/Y in the first 10 days of June on the back of robust shipments of chips and autos. Other data showed export prices rose in May, marking the sixth straight monthly gain amid the robust recovery in exports. Import prices also rose mainly due to higher oil prices.
• On the coronavirus front there were 556 cases in the past 24 hours, back below 600. Health authorities decided to extend the current social distancing rules for another three weeks before adopting revamped antivirus measures.