Won Weakens To Near 2021 Lows

Won is weaker again today,USD/KRW up 4.50 at 1154.30 and moving back towards its 2021 highs at 1157.30,

• South Korea reported 2,223 new coronavirus cases in the past 24 hours, a fresh all time record high. The toughest virus restrictions seem to have had little impact in flattening the virus curve during the summer holiday season, combined with loose vigilance against the coronavirus and fast spread of delta variant.
• Elsewhere data earlier showed the adjusted jobless rate fell to 3.3% against estimates of 3.8%.The gain in jobs denotes the fifth straight month, though the pace of growth did slow as employment in face-to-face service segments was hit hard by the fourth wave of the pandemic
• Other data showed exports rose 46.4% Y/Y in the first 10 days of August on the back of robust demand for chips and petroleum products. Imports jumped 63.%, resulting in a trade deficit of $4.69bn. By country, shipments to China -- South Korea's largest trading partner -- rose 42.7% Y/Y and those to the United States jumped 55.8%.
• Markets will keep an eye on Samsung who could unveil its latest generation of Fold and Flip smartphones, and wearable devices.