S. Korea may announce KRW27 tln of market measures on Tuesday – Yonhap

Dhwani Mehta FXStreet

According to South Korea’s new outlet, Yonhap, the government could announce KRW27 trillion (tln) worth of market measures on Tuesday, in an ongoing effort to limit the economic fallout from the coronavirus spread.

Despite the downtrend in the number of new cases of the infectious disease in the South, the government extends measures to offer some economic relief.

Coronavirus update: S. Korea confirms 64 new cases, NZ reports a jump by 36

South Korea ordered to half sell orders for program trading in its benchmark index, the KOSPI, earlier today.

Meanwhile, markets seem to ignore the positive trade data from the Asian economy, which showed that the first 20 days of March exports rose by 10% YoY.

USD/KRW reaction

Amid news of more stimulus measures likely to be unleased, the downslide in the Korean won (KRW) seems to have stalled for now, as USD/KRW consolidates near fresh decade highs of 1292.65 reached last Friday.

At the press time, the spot trades at 1280.10, up 2.05% on the day.

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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