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EUR/GBP the highlight in currency options...>

OPTIONS
OPTIONS: EUR/GBP the highlight in currency options trading so far Tuesday, with
total notional traded already well exceeding the daily average (although
USD/JPY, EUR/USD and USD/CNY are much quieter).
GBP strength is clearly drawing interest across the board with spot EUR/GBP
hitting the lowest levels since 2017. EUR/GBP puts have been better bought with
the more notable trades of the day crossing at 1142GMT, with what appears to be
a three-legged long put spread: buying Gbp0.86/0.84 puts, selling Gbp0.85 puts
for a total notional of E660mln equally weighted across the legs. The structure
expires in 20 days' time on Mar18.
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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