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Currency hedging volumes sitting a touch....>

OPTIONS
OPTIONS: Currency hedging volumes sitting a touch below average so far Tuesday,
with better-than-expected USD/JPY volumes failing to counter lower levels of
activity in EUR/USD and USD/CNY. Short-end vols in USD/JPY have really picked up
over the past week, inverting the term structure as markets price in speeches
from Fed's Powell today and the G20 summit beginning at the tail-end of the
week. The fall in USD/JPY spot to cycle lows of Y106.78 has also helped and a
close at those levels would be the lowest since early 2018. Vols also sit higher
across much of the rest of DMFX, with the EUR/USD vol curve also sitting
slightly flatter.
-Markets have favoured USD/JPY puts so far Tuesday, with $3 in put options
trading for every $2 in calls. Put strikes layered from Y107.00 down to Y106.45
have been a point of focus, with volatility bets proving popular. The Asia-Pac
session saw over $1bln in Y106.75/107.75 strangles crossing, with $500mln
rolling off on Friday and $500mln rolling off in two week's time.
-Countering the strength in KRW over the past week or so, USD/KRW calls have
proved popular, with 1,158 and 1,170 call strikes in vogue.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MarketsForeign Exchange Bullets

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