Won Strengthens As Virus Cases Decline

The greenback has weakened further which has seen USD/KRW drop, the pair last down 2.60 at 1115.10.

• A poll by Yonhap Infomax has predicted that South Korea's exports will jump 41% in April from a year earlier, on the back of a base effect, and robust shipments of chips and autos. The country's outbound shipments are forecast to reach $51.1 billion this month. It would mark the sixth straight month of gains and the fastest on-year growth in more than 10 years. Export data is due on Monday next week.
• South Korea reported 500 daily new virus cases, falling back below 600 on Monday for the first time in six days due to fewer tests over the weekend as health authorities accelerated the country's inoculation drive. Monday's figure was sharply down from 644 the previous day and 785 on Saturday. Health officials have designated this week as a special period to stop the current pace of the outbreak. Dining-in by civil servants will be banned, and working from home as well as working half time or part of business hours will be expanded in the public sector, the authorities said. They added that tougher rules will be considered if the current infection trend continues. There were reports over the weekend that South Korea had signed an additional deal with Pfizer for a further 40 million doses, bringing the total it has procured from various manufacturers to 192 million, or enough for 99 million people, almost double its population. As it stands, only 4% have had the jab though.
• No economic data on the docket today, participants look ahead to a raft of data tomorrow including GDP, retail sales and consumer confidence.