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Korean bond futures have benefitted.....>

KOREA RATES
KOREA RATES: Korean bond futures have benefitted from the continued advance in
US Tsys as well as a large drop in Korea's PMI, which fell to 48.3, and a
decline in inflation which came in at just 0.8% y/y. China's PMI miss has also
added some additional pressure. 
- The 10 year future trades up 20 ticks, breaking above down trendline
resistance from the Jan 4 highs to suggest a bull flag breakout targeting a run
at 128. 
- Swap rates have edged down further amid some bull flattening as the 10 year
sheds 1.25bps to test the 1.80% and break short term uptrend support. 
- Worth noting that breakevens have advanced to fresh ytd highs, putting further
downside pressure on real yields. 

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