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Won Recovers Early Losses

KRW

The won broadly flat, recovering from opening losses. USD/KRW at 1118.35.

  • South Korea reported 587 new daily coronavirus cases, back below 600, but sporadic cluster infections traced to entertainment facilities still hampered the virus fight, sparking concerns over yet another uptick in additional cases.
  • Elsewhere President Moon said Thursday that South Korea needs to maintain expansionary fiscal policy for the time being despite a hike in national debts attributable to the response to COVID-19. He emphasized that the role of state budget spending is important amid the crisis, speaking at the outset of an annual meeting on fiscal strategy. He said that it is true that South Korea's national debts have fast increased in the process of handling the pandemic-led crisis but added that its fiscal situation remains relatively sound. Last year, South Korea's national debt grew by the most on record by KRW 123.7tn to a record KRW 846.9tn. With the extra budget announced in March, the country's government debt is expected to reach KRW 965.9tn this year.
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