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AUD Options, Futures Volumes Surge on China PMI Miss

AUD
  • AUD/USD just off the earlier lows having found support at 0.6475 on a handful of occasions across the European morning. Today's low print remains the lowest level for the pair since mid-November last year, with the miss for China manufacturing & non-manufacturing PMI data adding the early weight.
  • Both options and futures volumes across AUD have been ahead of recent averages Wednesday, with demand for downside insurance via options helping underpin cumulative put notional: just over $3 in puts have traded for every $2 in calls this morning, as 0.6385 and 0.6305 strikes draw particular interest mid-morning Europe.
  • AUD futures volumes are around 6% ahead of average for this time of day, with the China PMI release coming alongside a surge of activity overnight.
  • A break through the earlier lows opens 0.6403 initially, marking the 76.4% retracement for the Oct - Feb bull cycle.
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