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Sizeable AUD Strikes Could Limit Any Recovery Rally

OPTIONS
Larger options rolling off at Wednesday's NY cut could define the spot range for EUR/USD, with over $4bln notional tied to strikes layered between $1.0600-1.0720. Meanwhile the AUD/USD pipeline includes sizeable interest at $0.6380-00, which may limit any recovery rally in spot after the dovish RBA:
  • EUR/USD: $1.0600(E1.2bln), $1.0650(E724mln), $1.0700-20(E2.2bln)
  • USD/JPY: Y150.00($1.3bln), Y151.00($1.8bln)
  • AUD/USD: $0.6380-00(A$1.3bln)
  • USD/CNY: Cny7.3000($2.5bln)

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