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Korean rate markets are coming under....>

KOREA RATES
KOREA RATES: Korean rate markets are coming under some downside pressure today
following recent gains, with the 10-year swap testing resistance turned support
at the 1.84% level. 
- With inflation breakevens having failed to rally alongside oil prices over
recent weeks, there seems to be little upside pressure from this channel. The
failure of the Kospi to break above its Dec highs may also provide a note of
caution about the sustainability of the recent reflation trade. 
- That said, the curve faces steepening pressure from current extremely flat
levels and given the recent technical upside break in 10 year swaps, the risks
seem tilted to further upside.  

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