MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY JAN INDEX 73.2

MNI: CANADIAN NOV BUILDING PERMITS -5.9% MOM

US DEC UNEMPLOYMENT RATE 4.086%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Currency Options Volumes Put in Best Session in a Quarter Following US CPI

OPTIONS
  • Yesterday's inflation print helped trigger substantial activity in FX options markets, with DTCC data tracking over $131bln notional in options volumes - the most activity in well over three months. For a second session, activity sits ahead of average, with solid hedging demand noted across most major pairs as well as lesser-seen crosses include GBP/JPY, EUR/CNY and USD/INR.
  • EUR/USD options volumes are sitting at over double what you'd expect to see at this time of day, with topside demand evident in the put/call ratio: close to $3 in EUR/USD calls have traded for every $2 in puts so far Thursday. Call strikes at 1.13 and layered between 1.1400-02 have seen particular interest.
  • Front-end of the G10 FX vol curve is generally pulling lower following yesterday's acute market moves: USD/JPY 1m vols have shed around a point off the week's high, but remain supported given the proximity to the BoJ decision, captured by the 1m contract on July 28th.
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