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Decent FX options volume crossing so far....>

OPTIONS
OPTIONS: Decent FX options volume crossing so far Monday, with fresh wave of
risk appetite helping prop up USD/JPY, EMFX and giving USD/CNY spot a decent
move lower. Implied vols are mixed, with USD/JPY slipping in contrast with
GBP/USD. USD/TRY and AUD/USD vols which are both on the front foot (at least in
1m space). 
-Despite the uptick in USD/JPY spot today, options trading has favoured puts,
with close to $3 in USD/JPY puts trading for every $2 in calls. Put strikes
layered from Y108 down to Y107.15 drew focus Monday morning, with volatility
trades also popular - some of the larger structures crossing include
Y105.75/109.50 and Y101.65/110.00 strangles rolling off at end-August and start
April 2020 respectively.
-USD/CNY skew has moved in favour of puts, with the risk reversals curve
dropping across all tenors out to two years over the past week as the positive
trade headlines over the weekend fed into CNY optimism. Nonetheless, DTCC data
still shows many loading up on CNY downside protection, with over $3.5bln in
USD/CNY calls with strikes at Cny7.00 and above crossing Monday.

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