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Won Rally Pauses As Covid Concerns Continue To Weigh And Fund Inflows Slow

KRW
The won is struggling again as South Korea battles the latest wave of COVID-19. The 7-day average of new daily cases rose above 800 this week, the threshold where the government will consider increasing measures to the highest level in the country's 5-tier system.
  • Daily new cases rose to 1,014 in the past 24 hours. However, the government have pushed back against the assumption of tighter containment measures, saying such action was not imminent.
  • Foreign inflows into South Korea have also cooled, latest exchange data showed foreign funds bought a net $176.2m in local equities on Wednesday the first day of buying since December 9. Foreign funds purchased a net $254.3m on December 16, slowing down from the previous day ($417.18m) and a combined $1.35bn on Thursday and Friday last week.
  • Elsewhere, the Bank of Korea and the US Federal Reserve said they would extend their $60bn currency swap by 6 months.
  • USD/KRW last down 0.55 at 1093.40, coming off earlier lows at 1092.30 despite some softness in the US dollar.
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