Implied vols are more mixed Monday, with....>

OPTIONS: Implied vols are more mixed Monday, with core currencies (JPY, EUR)

seeing vol pull lower while the gap lower in Chinese equities upon the

resumption of trade saw Asia-Pac vols well supported. This was evident in CNY

markets, with the 1m contract rising to touch the highest levels since

mid-December (just ahead of the announcement of the phase one US-China trade

deal).

- This is reflected in the busier-than-usual session for options turnover, with

USD/KRW, AUD/JPY and USD/CHF markets unusually active, while USD/CNY and USD/JPY

make a decent contribution also.

- There's been a modest bias toward USD/CNY puts so far today, despite the break

above Cny7.00 in spot. 6.7445 and 6.88 put strikes have garnered focus while

7.25, 7.5830 call strikes have also proved popular. One of the more interesting

trades crossing in the late Asia-Pac session was a $200mln 6.7445/7.5830 6m

straddle.

- Interestingly in USD/KRW, there's been an overwhelming bias towards KRW

upside, with USD/KRW puts outnumbering calls at a rate of close to 10:1 today.