1 Month Near 1353 As Onshore Markets Return, FX Reserves Dip In April

1 month USD/KRW finished up Monday's NY session at 1353.3, little changed versus end Friday levels. The pair held relatively steady ranges post the Asia close, not drifting too far outside the 1350/1355 range. Onshore markets return today after being out yesterday. Note onshore spot ended last Friday at 1363.

• For the 1 month NDF, post NFP lows near 1345 remain intact. On the topside, the 50-day EMA is close to end Monday levels (coming in at 1354.35). The 20-day sits further north near 1365, but is starting to roll over.
• We have already had April FX reserves data print, which fell to $413.26bn, from $419.25bn in March (the largest drop in USD terms since Sep 2022). We did see spot weaken close to 1400 in April, so intervention efforts may have led to the reserve drop. Valuation effects were also likely though given the +1.65% dollar index (BBDXY) gain in the month.
• The data calendar is now quiet until Thursday's March BoP current account print.
• In the equity space, the global equity tone has been positive since onshore markets shut on Friday. The SOX rallied a further 2.21% on Monday, while the MSCI IT was up 1.41%.
• Local authorities are also considering raising this year's growth target (currently at 2.2%) post stronger Q1 results (per Yonhap).