JPM's options screener this week sees.......>

OPTIONS: JPM's options screener this week sees AUD, CAD, PLN, HUF, NZD vs. USD

as the top five long vol opportunities from a beta-to-vol perspective.

- USD calls, especially vs. AUD, NZD, HUF and PLN, look good value given the

positive carry and positive exposure to risk-off factors USD offers.

- In EM, INR, RUB and CNH longs offer a good trade-off between positive carry

and modest sensitivity to risk. TRY, RUB, INR, KRW skews look overvalued based

on a cross-sectional analysis in the betas vs skews space, whereas ZAR, BRL,

HUF, AUD and NZD skews look cheap.

- EUR, CAD, CHF, AUD, NZD and JPY USD-vols look cheap when analyzing 1y FX vols

via the underlying rates vols and correlations. GBP, NOK and SEK now look the

most overvalued vols based on the same metric.

- Opportunities for playing short-Gamma can still be found in EM, mostly on

USD/MXN, USD/TRY, USD/TWD and USD/IDR.