🇨🇭LIVEDESK: FX Flows

• FX flows in Asia today were down 9% from yesterday (-21% vs the past five days average), with a slight bias to sell USDs. In G10, retail selling of USDJPY was the standout flow, while macro directional accounts bought USDs vs JPY, EUR and CAD, and sold USDs vs AUD, GBP and CHF - all in social size.

• The options market was quieter, which weighed on risk premium, with the AUDJPY curve coming another leg lower and with lm down to 8.0 vol, with some market participants selling some fat delta skew. USD/Asia vols remained well supported, with vols a touch higher everywhere. The vol market opened soft but firmed up into midday with spots all higher from yesterday's close.