BOK expected to hold key rate

After the BoK's rate cut in March, the BoK is not expected to change policy today, in line with the universal consensus. 

Going forward,the BoK left the door open for further rate cuts in its March Monetary Policy Statement. Consensus expects only 10bps of cuts this year, with rate hikes in early 2016. 

"With the negative output gap continuing for longer than had been anticipated, we think the expectations seem too optimistic and KRW outperformance looks unsustainable. We remain biased to buy USD/KRW on dips" , said RBC Capital Markets in a report on Thursday.