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Currency hedging volumes are humming........>

OPTIONS
OPTIONS: Currency hedging volumes are humming along at a better clip Tuesday
with US participants returning after the three-day weekend. Antipodean FX
hedging has been in firm demand, with both AUD/USD and NZD/USD posting volumes
ahead of average for this point of the session.
-Some of the more notable trades crossing for NZD/USD include what appears to be
a one-week 0.6725/0.6930 strangle for a total notional of N$400mln as well as a
N$200mln $0.6825 straddle, a structure which breaks even on a 57 pip swing, also
expiring in one week's time.
-USD/CNY has also been an active market for options, with one of the largest
trades appearing to be a Cny6.74/6.66 put spread for a total notional of $400mln
expiring on March 15th. The trade would break even on a move below Cny6.7280.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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