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Policy
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G10 Markets
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Real-time insight on key fixed income and fx markets.
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MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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Free AccessKorean interest rate swaps have moved...>
KOREA RATES: Korean interest rate swaps have moved lower in response to the
BOK's decision to hold rates at 1.50% today, despite the hold being widely
anticipated by analysts. The 1-year swap currently sits at 1.83%, down 3bps from
before the meeting. The 2-year swap edged down 4bps and is now pricing in
exactly two 25bps hikes over the next two years, down from 63bps this week.
- Policymakers remain concerned over below-target inflation figures and the
potential for trade tensions between the US and China to deliver a global trade
slowdown, which would leave the export-dependent country at risk.
- Despite the move lower in rates, the won remained resilient as real yield
differentials were supported by the relatively dovish Fed minutes released
yesterday. USDKRW continues to hover around 1,079, consolidating between its
100DMA and 200DMA. We continue to see the pair gearing up for a large move
higher as real interest rate spreads continue to move in the greenback's favour
and historical correlations suggest USDKRW should be roughly 10% higher.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.