S. Korea Pres. Moon: Govt. plans to provide 9.3 trillion won in support measures, USD/KRW remains heavy

Early Tuesday morning, South Korean President Moon Jae-in crossed wires, via Reuters to update the government’s plan to combat the coronavirus (COVID-19)-led economic woes.

“Government plans to provide 9.3 trillion won in support measures to fight latest coronavirus wave,” said the national leader.

FX implications

Following the news, USD/KRW refreshes seven-day low while declining to 1,093, down 0.32% on a day. Earlier in the day, South Korea’s Consumer Sentiment Index also eased from 97.9 in November to 89.8 in December while nearly marching 89.7 forecasts. The pair’s downside could be traced to the broad US dollar weakness amid risk-on mood, backed by the American covid stimulus headlines.

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