Coronavirus update: S. Korea reports 27 new cases, second virus wave inevitable

The South Korean news agency, Yonhap, reported on Tuesday, the country registered 27 new COVID-19 cases, 22 of which were local transmissions.

A second wave of the infectious disease is inevitable with a spurt of new cases seen since May 6 in Seoul, as the South veers toward a tentative re-opening up of the economy.

The new cluster of cases prompted the government to defer the reopening of schools by one week. Many officials said they felt justified in their skepticism about the initial reopening policy.

Market reaction

The market mood remains tepid amid rising concerns over the second virus wave and simmering trade tensions between Australia and China over the latter’s mishandling of the coronavirus outbreak.

USD/JPY is back in the red near 107.50 amid negative Asian stocks and SP 500 futures while USD/KRW spiked to a three-day high of 1,228.35, up 0.40% on the day. The Korean won slipped after the latest virus stats update.