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Won Pauses Losing Streak

KRW

KRW: A weaker US dollar has dragged down USD/KRW on Thursday, the pair last down 1.70 at 1105.90, crashing on the open. Risk appetite has improved amid tentative steps towards deal in Brexit negotiations, which has pushed stock bourses higher in Asia and supported EM FX.

  • Covid concerns in South Korea are easing slightly, even as the virus situation deteriorates globally. New cases dropped under 1,000 in the past 24 hours which officials attribute to the success of tighter restriction measures.
  • There are reports from Yonhap that South Korea has signed a deal for vaccines with Janssen and Pfizer; Janssen shots are to begin in Q2, Pfizer vaccinations will be imported in Q3. The deal was agreed earlier in September, the update is regarding a timeline for distribution.
  • There is no economic data on the docket tonight, volumes are likely to be thin and news flow light ahead of the festive period.

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