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Won Weakens At Open

KRW

The won is weaker on Wednesday, USD/KRW gapping higher at the open after the greenback rose through the overnight session. The jump takes the rate further away from the 50-DMA at 1153.10, while the 2021 high is at 1181.10.

  • Late yesterday there were some comments from FinMin Hong, he said that it is likely there will be more BoK interest rate hikes ahead, he added South Korea will have to come up with supplementary measures if there's more pressure following interest rate hike.
  • On the coronavirus front there were 2,050 new cases in the past 24 hours, cases have now been over 1,000 for 64 days. Earlier this week health officials said it may be possible to consider relaxing distancing measures after late October when most people are vaccinated against COVID-19. 975k doses, the second batch of coronavirus vaccines from Romania, have departed and are due to arrive later today.

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