The run-up in USD/KRW is likely on the BoK's radar given the sharp depreciation over the past month (USD/KRW near YTD highs) and we think the BoK may attempt to cap any rapid moves higher in USD/KRW in the weeks ahead. 

However, we think the risk is that USD/KRW drifts higher on the continued weakness in regional pairs such as CNH, JPY depreciation while the global risk-off sentiment may accelerate equity outflows and weigh on the KRW.