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EURGBP TECHS

Downtrend Remains Intact

COMMODITIES

Gold, Silver Under Pressure

GBPUSD TECHS

Holding Below Key Short-Term Resistance

EURUSD TECHS

Bearish Pressure Returns

Korean interest rate swaps are off......>

KOREA RATES
KOREA RATES: Korean interest rate swaps are off their highs but remain up on the
day with the 2-year up 0.6bps trading at 1.8830%. Further gains look likely as
inflation pressures continue to rise. 
- Rate expectations are not rising as rapidly as long-term breakeven inflation
expectation, which are trading at 18-month highs of 1.1150%. As a result, in
real terms, rates continue to decline, with the 2-year trading at 76bps from as
high as 139bps at the start of the year. 
- The BOK's reluctance to hike rates amid a more inflationary fiscal outlook and
rising oil import prices is keeping real rates under pressure, which should keep
USDKRW on the front foot.