In its monthly assessment of the economy, South Korea’s Finance Ministry highlighted some signs of economic recovery amid an improvement in some key economic data points.
“Fixed prices of DRAM chips and expectations of a global economic recovery were seen rising, but there is a possibility of global economic growth, including China, and the recovery trend in (South Korean) economy being constrained depending on the development of coronavirus outbreak.
Bullish sales in discount and online stores, and an increase in Chinese tourists would support January retail sales, although sluggish department store and auto sales weighed on overall data.“
Korean won remains on the back foot
Despite the upbeat comments on the economy, the Korean won (KRW) remains a tad weaker against the US dollar so far this Friday, as USD/KRW sits near a three-day high of 1,185.40, at the press time.
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