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Won Strengthens As Pandemic Restrictions Eased

KRW

Spot USD/KRW gaps sharply lower at the open, playing catch up with a broad USD sell off on Friday that accompanied disappointing US NFP figures. USD/KRW last down 3.40 at 1120.40, the rate has ground higher from the open at 1117.00.

  • South Korea announced the easing of social distancing rules over the weekend. Restaurants, coffee shops and gyms outside Seoul will now be allowed to stay open until 10pm. Daily coronavirus cases fell below 300 on Monday, marking the lowest number since last November, when a third wave of outbreaks began.
  • There is no South Korean data on the calendar today, but the MOF will sell 3-month and 3-year paper while the BoK will bring 1-year supply to market.

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