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Korean interest rate swaps have.........>

KOREA RATES
KOREA RATES: Korean interest rate swaps have started the week off on a strong
note following an improvement in manufacturing PMI, and in particular the labour
component, which raises the prospect of near-term hikes from the BOK given its
focus on job market gains as a prerequisite for tightening. 
- The 2-year swap is up 2bps today at 1.96% as the curve steepens. The US-Korea
2-year spread has edged to 3-week lows at 103.8bps. 
- Korean breakevens have edged down in recent trading allowing real yields to
rise, but they remain inside those of the US at the short end of the curve.  

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