🇨🇭LIVEDESK: FX Flows

• FX flows in Asia are -17% vs previous session (-7% vs the 5-day average), with some fairly muted price action. In G10, the desk saw selling in USDJPY, AUDUSD and EURUSD, albeit in social sizes, from both real money and macro names (retail were also sellers of USDJPY).

• In options, JPY vols settled down a bit this morning in Asia, with spots not extending lower just yet, though there is still a bit of a nervous tone, with cross curves like AUDJPY, CADJPY getting paid up on any 20-pip move lower in spots. On an RV-basis overall the market has turned a corner and we have been seeing demand for USDJPY, cross-JPY outright downside from most clients.

• In EM, macro directional accounts selling in USDCNH has been the most notable flow. Macros also bought USD vs KRW and HKD.