🇨🇭LIVEDESK: FX FLOWS

*FX volumes are picking up today, up 30% vs yesterday, although spots were range bound by London session start, with USD flows net flat despite strength seen in USTs

*In G10, the desk has been a slight better buyer of USD on Thursday, most notably against EUR and GBP, macro and real money buyer of CHF against this. Systematic supply is dominating the vol markets - gamma is notably soft in AUD where directional interests have been used over the past couple of days

*The USDJPY move is getting legs on the break of 45/50 as US rates continue the squeeze higher. On the cash side in the past 24 hours, there have been some liquidation of longs that might have been built around the quarter end - on the options side, less so, and if anything small interest to add to the topside. Support levels from here: 108.95, ahead of 108.40