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US TSYS

Strong Stocks, Rebound for Oil Weighs on Tsys

EURJPY TECHS

Trend Signals Still Point South

AUDUSD TECHS

Stabilises Off Lows

PIPELINE

$6B Roche 4Pt Leads Mon's $17B Total Debt Issuance

OPTIONS
OPTIONS: Hedging markets notably quiet so far Thursday, with options volumes
across most major DM pairs much lower than recent averages for this time of day.
Slightly busier USD/KRW, USD/TWD and USD/INR markets are countered by more muted
EUR/USD, USD/CNY and EUR/USD trade.
- Reflecting the quieter trading activity, front-end implieds are mostly lower
across DM, with the largest falls seen in GBP/USD (1m contract down 0.5 points),
although this holds most of the recent election-inspired gains. Lower implieds,
however, are most notable in EUR/USD, which has prompted the 3m contract to hit
the lowest levels on record today, at just 4.7575 points.
- Asia-Pac volatility markets are more mixed, with USD/KRW seeing signs of life.
USD/KRW downside exposure has been in demand, with 1,168 and 1,155 put strikes
most in demand (although this is likely a vol hedge, with equally sized 1,191
calls also crossing).
- Despite some recent optimism over a 'phase one' trade deal, USD/CNY front-end
riskies remain bid. The 3m contract today hit highest in a month at 0.91 points
in favour of USD/CNY calls.