Spot USD/KRW ended extended Friday trade just under 1351. Recent highs at 1354.1 remain intact, but the pair is holding close to recent highs. The 1 month NDF finished up at down slightly at 1347.10 on Friday in NY. For spot we are close to the 100-day EMA, while the 20-day on the downside sits back near 1338.

• The won is likely to be influenced today by some disappointment around the lack of details from China's fiscal briefing. The early risk tones are negative for the likes of AUD and oil prices. Positive won sentiment from Friday's hawkish BoK start to the rate cutting cycle had little follow through on Friday.
• In the equity space we did have positive leads from the SOX +0.79% on Friday, while the MSCI IT was only modestly higher. To recap, the Kospi ended last week under 2600, while offshore investors sold $395mn of local shares, leaving last week's net outflow at -$612.7mn.
• Outside of watching China spill over risks today we do have BoK Governor Rhee before parliament (as part of the annual audit hearings). Earlier, local news wires reported Rhee stating that stable coins are impacting local FX markets (see this link).
• Tensions are also more elevated with North Korea, which came after South Korea reportedly sent drones into North Korea. North Korea has reportedly ordered its artillery units near the border to be prepared to open fire (per BBG).
• The local data calendar is empty until tomorrow's trade prices print.