S. Korea confirms 87 new coronavirus cases, USD/KRW corrective downside intact

Dhwani Mehta FXStreet

The Korea Centers for Disease Control and Prevention (KCDC) confirmed 87 new coronavirus cases on Friday, bringing up the total count to 8,652. On Wednesday, the South reported 152 new infections.

The daily count of new cases has been falling over the past week, despite a slight uptick on Thursday as small-scale outbreaks continued to emerge across the country.

“Of the new cases, 34 were from the hardest-hit city of Daegu where dozens of patients at several nursing homes have tested positive for the virus this week”, the KCDC data showed, as cited by Reuters.

Meanwhile, the country reported 3 new deaths, bringing up the death toll to 94 while a total of 2,233 patients recovered fully.

USD/KRW consolidates the correction

USD/KRW holds the lower ground near mid-1200s, consolidating the corrective slide from an eleven-year high of 1,292.65 reached on Thursday.

The South Korean government economic stimulus combined with the central bank’s liquidity injections seem to have helped stem the won declines. Meanwhile, a downtick in the number of new infections in South Korea also appear to bode well for the local currency so far this Friday.

S. Korea’s Foreign Ministry: S. Korea, China, Japan to discuss coronavirus response - Reuters

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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