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Futures Pause Move Higher Despite Lockdown Measures

KOREA RATES

Futures lower today after rising 120 ticks this week, 10-year future down 27 ticks at 126.65. There has been upward pressure since the number of coronavirus cases started ticking up with some doubt cast over the timing of BoK rate hikes. BoK Governor Lee had said that policy normalization would start this year and next week's BoK meeting was eagerly awaited as an opportunity to gauge the Central Bank's thinking on timing. However, the uptick in cases and tightened lockdown measures will cloud the outlook and likely put those talks on hold.

  • In the cash space the 10-year seeing the brunt of the selling, with some set up in the long end ahead of today's KRW 400bn 50-Year auction.
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