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EUROPE SUMMARY: Stg Straddle Buying Continues

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Larger FX Option Pipeline

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Key Mkt Levels Ahead FOMC

US EURODLR OPTIONS

Call Tree Update

DOLLAR-YEN
DOLLAR-YEN: USD/JPY dropped 8 pips overnight and last trades at Y109.73, with
the yen benefitting from risk-off flows, as yesterday's concern re: Sino-U.S.
trade relations carried over into the Asia-Pac session. Risk aversion allowed
the Nikkei 225 to close 2.0% lower. 
- Initial bearish attention is drawn to yesterday's low of Y109.61, which
remained intact overnight, and a fall below would allow bears to target the
cloud top at Y109.54. Meanwhile, bullis look for a break above the psychological
Y110.00 level, ahead of yesterday's high/YTD high of Y110.09/16. 
- Japanese focus next week turns to domestic GDP due Thursday & industrial
output (f) due Friday, as well as the usual BoJ Rinban ops.