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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI China Daily Summary: Monday, Aug 26
MNI: China CFETS Yuan Index Down 0.50% In Week of Aug 23
EUR/JPY Vols Well Supported as Options Target Further Upside
- FX options activity fading into year-end, despite some support for hedging coming via the BoJ-inspired move in JPY spot. Although USD/JPY’s rallied as much as 200 pips Tuesday, hedging activity is more balanced, with upside USD/JPY interest across Y144 and Y145 call strikes countered by decent downside interest as low as Y141 and Y135.
- EUR/JPY options volumes have been buoyed by trades consistent with sizeable call spreads that crossed in early Europe/very late Asia, and again at the NY crossover. Trades target upside in the cross via a 160/162 call spread, and captures the next BoJ rate decision on January 23rd.
- 6m implied vols in the cross remain supported despite the pullback from BoJ-inspired highs. The gauge trades either side of 10 points and looks to have bottomed out at end-November. (We wrote on November 30th: Downtick in Implied Cheapens Positioning for FX Vol Through H1'24 - https://marketnews.com/downtick-in-implied-cheapens-positioning-for-fx-vol-through-h1-24 )
- Yesterday’s total notional traded shows a market that’s thinning out headed into year-end, with just over $60bln notional traded via DTCC data – this compares to the near $150bln that crossed on Thursday of last week – the busiest session for the market in over three months.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.