Won Hits Highest Since April 1

The won is lower, USD/KRW gapping higher at the open. The pair last trades at 1131.75, up 7.10 on the session, the highest since April 1.

• A Moody's report earlier asserted that rapidly rising household debt in South Korea could leave banks vulnerable to economic shocks or interest rate rises. Data yesterday showed April household lending rose to KRW 1025.7tn.
• South Korea reported 715 daily new coronavirus cases, back over 700 Thursday as the country's vaccination campaign nearly stalled over tight vaccine supply amid spreading variant cases. For almost a week, daily vaccination has hovered below 10,000 due to tight vaccine supply, but health authorities said shipments of vaccines are scheduled to arrive here on time without a major glitch. Health authorities said around 8.95 million people between age 60 and 74 will receive vaccination shots in the coming weeks. Starting May 27, people between age 65 and 74 will be administered with AstraZeneca's vaccine. Those between age 60 and 65 will receive AstraZeneca's vaccine starting June 7.
• Money supply data is due later in the session while President Moon will host a meeting to discuss support of South Korea's chip industry amid aims of increased domestic production from the US and China.