Won Loses Ground After Opening Higher

The won is flat, having lost ground after opening stronger, USD/KRW last at 1128.30.

• South Korea has said it will take steps to stabilize the bond market if needed. Vice Finance Minister Kim said financial authorities will flexibly adjust the sale volumes of Treasury bonds. "If volatility increases, the government will focus on stabilizing the bond market by taking timely actions through close cooperating with related agencies," said Kim.
• Elsewhere South Korean President Moon said he expects "faster and stronger" economic recovery this year than previously expected as exports and investments have sharply increased. He added will prepare for economic stimulus steps if vaccinations effective and quarantine situation is stabilized, He also noted that the job situation shows clear trend of improvement.
• Meanwhile, South Korea reported 346 new daily new coronavirus cases, back to below 400 for the first time in a week amid concerns of a potential resurgence as the AstraZeneca vaccine rollout for elderly citizens began after a one-month delay over safety concerns. To fight the resurgence in the greater Seoul area, the KDCA extended virus curbs that were set to expire on March 14 for another two weeks until March 28.