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KOREA RATES: Korean swaps are lower today, retracing some of the modest rise
that was seen towards the back end of last week in lieu of the BOK's MonPol
- 6-month swaps stand at 1.7100%, while 12-month swaps stand at 1.8288%. The
spread between the two has flattened by 1bp to 12.5bp, although the spread
remains close to 1-month highs as markets have become less confident re: a BOK
rate hike in 2018, but more confident that the Bank will tighten in 2019.
- That said, the longer end of the curve continues to flatten reflecting the
increased likelihood that the BOK's hiking cycle will prove to be shallow.
- PPI data, due Thursday, may give some indication on whether inflationary
pressures will provide the BOK with enough ammunition to push forward with a
rate hike. However, long-term breakeven inflation expectations point to subdued
price pressures, with the 7-Year metric currently 0.86%.