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KOREA RATES

10-Year Auction Results

IDR

Rupiah Slips In Muted Trade

PHP

Peso Loses Some Altitude

KRW

Coronavirus Cases Drop To Two-Month Low

OPTIONS

Echoing the more muted spot FX markets so far Monday, currency hedging markets are running slightly below average in terms of notional turnover for this time of day, Nonetheless, there remain hotspots of demand for hedges.

Implied vol markets are more mixed - with front-end vol contracts across DM currencies well supported, but making no notable directional moves so far.

CHF weakness today has run in parallel to a surge in demand for USD/CHF options, with CHF downside protection in vogue. USD/CHF call strikes at 0.8955, 0.9000 and 0.9200 seeing decent demand throughout European morning hours.