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Futures Grind Higher

KOREA RATES

Futures have moved higher from the open in South Korea, participants choosing to ignore strong exports and PPI data and focus on a record number of COVID-19 cases. There were 1,784 new cases in the past 24 hours, health officials warned that cases are expected to climb again tomorrow before declining from July 23/24. Elsewhere the BoK sold KRW 2tn of 2-Year MSB's at 1.29% with cover of 1.38x. 3-Year future up 9 ticks, 10-Year up 39 ticks, both sitting at session highs after grinding higher from the open.

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