Won Hovers Around Neutral Levels; KOSPI Rally Pauses

Spot USD/KRW is flat early in Asia, the pair last at 1114.50.

• Coronavirus cases hover around unchanged levels after picking up earlier this week. South Korea reported 451 new coronavirus cases over the last 24 hours compared to 467 the previous day. The social distancing rules are undergoing a review at the behest of Prime Minister Chung Sye-kyun who said the public should be involved in setting rules to increase receptiveness.
• Elsewhere the government said it will boost available housing by 836,000 nationwide, intending a positive supply shock as President Moon Jae-in struggles to reign in an overheating housing market that is weighing on his approval ratings. The government also announced it would increase inspection over suspected property speculation, and would consider stronger measures if the market continues to show signs of instability.
• Sentiment in the region is negative, the KOSPI is among the decliners with losses of around 0.8% even after the South Korean government announced it would extend the short selling ban until May 2.
• Meanwhile South Korea's President Moon Jae-in had a phone call with US President Biden and pledged to upgrade the country's alliance with the US.