1 Month USD/KRW Back Sub 1330, BoK Monitoring FX Levels.

1 month USD/KRW was mostly range bound post the Asia close on Monday, albeit moving away from highs around 1335. Dips sub 1330 couldn't be sustained, but we are below that level in early dealings today, last 1328/29. Spot is back in the 1330/31 region, after closing yesterday around 1335. Note the 200-day MA sits just under 1325.

• As noted earlier, Q1 GDP for South Korea printed slightly better than expected (+0.3%, +0.2% forecast), but y/y growth momentum continued to ease. This is unlikely to change the narrative around a still challenging growth backdrop.
• Elsewhere, South Korean President Yoon will attend a business roundtable in the US, as his trip to the US gets underway.
• BoK Governor Rhee also stated that he is monitoring FX markets closely post the recent jump in USD/KRW. These comments were reportedly made to local reporters on Monday. The Governor also stated that he doesn't expect the FX swap deal with the US to be discussed during Yoon's visit.
• In the equity space, the early tone to the Kospi is close to flat. Monday's US session saw a further pull back in the SOX and MSCI IT indices. Note Hyundai motors will hold a conference call today post Q1 earnings.