Won Set To Weaken As Virus Measures Tightened

Forwards indicate a weaker opening for the won after reports that South Korea is to raise social distancing levels to the highest in Seoul. The announcement comes after reporting the highest daily case numbers since the first wave. As concerns over a fourth wave of outbreaks over the summer grew, health authorities decided to extend current distancing curbs in the greater Seoul area for one week on Wednesday but warned of further tougher measures unless the current situation is brought under control. Yesterday the government said this was the beginning for a fourth wave and today have made the decision to tighten restrictions, under the toughest measures now imposed private gatherings of two or more people will be banned after 6 p.m. The government has said that case numbers could exceed 2,000 per day before starting to drop. KDCA chief Jeong said yesterday that if vaccinations gain pace and people strictly comply with virus curbs, the number could drop to between 260 and 415 in September. Elsewhere South Korean President Moon has instructed the government to mobilise military, police and more civil servants to trace COVID-19 infections.