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AUSSIE 10-YEAR TECHS

(Z2) Bullish Extension

AUSSIE BONDS

AUCTION PREVIEW: Nov-27 I/L Supply Due

AUSTRALIA DATA

ANZ Consumer Confidence Rises Slightly Despite Rate Hike

CNH

Some Resistance Ahead Of 7.00

AUSSIE BONDS

Under Light Pressure, Local Confidence Surveys Slated

AUSSIE 3-YEAR TECHS

(Z2) Holding Recent Gains

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KOREA RATES
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.

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