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Free AccessMuch healthier currency hedging volumes.....>
OPTIONS: Much healthier currency hedging volumes than the past few days so far
today, with busy GBP/USD, AUD/USD and EUR/CHF markets countering the slightly
quieter sessions for EUR/USD and USD/JPY options. Vol is reflecting this, with
front-end implied across EUR/USD, USD/JPY both on the back foot while AUD/USD,
GBP/USD and USD/CAD vols have been supported.
- GBP/USD options trade has been busy from the off, with a surge in demand for
GBP/USD downside protection largely responsible. The break lower in spot through
$1.2248 has opened further losses for GBP/USD, which now eyes four consecutive
sessions of losses.
- Close to $3 in puts have traded for every $1 in calls so far according to DTCC
data. $1.1950 put strikes have drawn particular focus, but $1.1920 and $1.2160
puts have also traded in size. Much of that volume derived from a sizeable put
spread that crossing early UK hours: $1.1920/1.2160 put spread rolling off at
the end of May. Trade would break-even on a move below circa $1.2105 and the
buyer paid a net premium of around Gbp905,000 for the position.
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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.