📉AUD/USD Put/Call Premium Rises Into U.S. Election: Cable FX Macro

• Demand to hedge AUD/USD downside is higher into the 6m and 9m tenors, the latter covers the U.S. election in November

• AUD/USD 3m-6m put spreads tick higher relative to calls. 9m tenor puts read at 9.0% vs 8.9% calls

• A similar term structure is seen in EUR/USD and GBP/USD