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Won Hits Weakest Level Of 2021 So Far

KRW

Won is weaker at the open, USD/KRW pushing higher on the back of dollar strength. Rising US yields and pressure on equity indices kept broad dollar indices in favour, rising just shy of 0.5% overnight. USD/KRW last up 1.75 at 1185.15 having earlier posted a fresh 2021 high at 1188.55.

  • On the coronavirus front there were 2,885 new cases in the past 24 hours. A minister said yesterday that the government expects to transition back to normal life between October and November.
  • Elsewhere a report from the Korea International Trade Association showed exports contributed the most in three years to the country's economic growth in 2020 adding 0.6ppts. Overall GDP shrank 0.9% in 2020.
  • Finance Minister Hong spoke earlier and said the government is speeding up a plan to supply homes in Seoul and other regions, as it seeks to curb high-flying home prices.
  • Looking ahead BoK's Suh Young-kyung will deliver speech on the economy and monetary policy at a seminar hosted by Korea Chamber of Commerce at 0700BST/1400KST.

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