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Demand for AUD/NZD Upside Evident Despite Hawkish RBNZ Hold

OPTIONS
  • No surprise to see a surge in FX options volumes covering NZD overnight following the hawkish RBNZ decision and subsequent follow-through NZD strength. AUD/NZD was of particular focus, with most trades following the RBNZ's hawkish hold - interestingly, they're dominated by OTM calls, with 1.1100, 1.1350-00 and 1.14 strikes in particular focus.
  • Similarly, after UK CPI, GBP hedges have taken the spotlight, as EUR/GBP notional shoots higher thanks to demand for puts shortly following the data. 0.8475 strikes traded in size, the bulk which expire on June 21st, thereby capturing the BoE decision on the day before.
  • Most notable expiries rolling off at today's NY cut include E621mln at 1.0830 in EURUSD,$2.2bln at 155.50-60 in USDJPY and $797mln at 1.3680 in USDCAD
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