The South Korean won hovered around 1,376 per dollar on Monday, remaining under pressure as investors favored the US dollar amid escalating global trade tensions and cautious market outlook. CBA's Global Economic & Markets Research team warned that any escalation in retaliatory tariffs could disrupt global financial markets and economic stability. The KRW remains particularly vulnerable due to its export-reliant economy, with US tariff risks raising concerns about South Korea’s trade outlook. Risk-off positioning continues to benefit the greenback as investors seek safe-haven assets. Domestically, President Lee Jae Myung finalized his Cabinet, with a mix of IT executives and ruling party lawmakers. The reshuffle, including figures from AI, cloud, and travel tech, signals a technocratic, performance-focused stance. While not a direct market mover, the appointments may stabilize sentiment and attract modest capital inflows. Still, external uncertainties remain a key drag on KRW strength.