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SOUTH KOREA: Korean Futures Extend Rally on Tariff Headlines.     

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News
  • In the first day of trading this week, Korean futures were strong with the 10YR outperforming.
  • The Korean 10YR future is +0.32 at 118.55 and the 3YR future is +0.04 at 106.92.
  • The 10YR move higher is now outside all major technical levels with the 20-day EMA at 117.97, 50-day EMA 117.88, 100-day EMA 117.74 and 200-day 117.63; and is now at levels last seen in mid-December.
  • The 3YR future is also trading above all key technical levels with the 20-day EMA of 106.832 the nearest.
  • Market pricing has 19ps of cuts over 3-month time horizon, 61bps over 1-year.
  • Whilst in the BOK’s press conference following the last meeting they indicated that they are in a rate-cutting cycle the pause by the Fed creates new challenges and today’s data releases were stronger than expected, but over the weekend exports were very weak.
  • The cash market is seeing front end yields mixed with the 2YR up 0.9bps at 2.66%, the 3YR -1.2bps at 2.583% and the 10YR -2.5bps at 2.841%
  • The week ahead sees CPI and Foreign Reserves they key data releases.
  • The BOK next meets on February 25. 
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  • In the first day of trading this week, Korean futures were strong with the 10YR outperforming.
  • The Korean 10YR future is +0.32 at 118.55 and the 3YR future is +0.04 at 106.92.
  • The 10YR move higher is now outside all major technical levels with the 20-day EMA at 117.97, 50-day EMA 117.88, 100-day EMA 117.74 and 200-day 117.63; and is now at levels last seen in mid-December.
  • The 3YR future is also trading above all key technical levels with the 20-day EMA of 106.832 the nearest.
  • Market pricing has 19ps of cuts over 3-month time horizon, 61bps over 1-year.
  • Whilst in the BOK’s press conference following the last meeting they indicated that they are in a rate-cutting cycle the pause by the Fed creates new challenges and today’s data releases were stronger than expected, but over the weekend exports were very weak.
  • The cash market is seeing front end yields mixed with the 2YR up 0.9bps at 2.66%, the 3YR -1.2bps at 2.583% and the 10YR -2.5bps at 2.841%
  • The week ahead sees CPI and Foreign Reserves they key data releases.
  • The BOK next meets on February 25.