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The 1-year KRW interest rate swap rose 0.50bp to 3.5350% on the 4th, while the 3-year fell 1.00bp to 3.8750% and the 10-year dropped 1.75bp, flattening the curve. The split reflects positioning restraint before the US employment report, with short-end rates anchored to near-term policy expectations and the long end already leaning toward slower growth; that mix caps won-hedged carry and keeps USD/KRW sensitive to any repricing of Fed cut timing. Watch the payroll print itself: a firm number would push the short end higher and steepen pressure on Korean bond and swap spreads, while a weak one would extend the long-end rally and revive risk appetite in KOSPI and crypto beta.
As a Macro signal, watch whether it changes price action, volatility, or flows around KRW=X.
Original Source: 토큰포스트
This page is market information analysis, not investment advice.
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