🇨🇭LIVEDESK: FX Flows

• A quiet start to the week with FX trading range-bound and the desk's flows down 10% on the five-day average. The team has seen a small bias to sell USD across macro and real money names, with CHF, EUR and GBP buying against this. It has been a soft start for equities in Europe as weak China data and concerns in the Middle East contribute to fragile risk sentiment.

• JPY and CHF are outperforming with the latter retracing off the highs after the macro supply last week saw both USDCHF and EURCHF bid. The spot sell off Monday morning has led to some interbank demand for front end options and buyers of the FOMC in USDCHF.

• EUR is drifting lower and some downside supply of 1-2w gamma interbank - the desk has seen retail and real money names buying EUR so far on Monday, notably via the crosses, with a net EUR bought.

• In EM, the standout flow is selling of THB despite a better than expected GDP print overnight — flows are taking their cue from the worsening covid wave in the country, which has led to a downgrade of GDP forecasts from Thailand's economic agency and a no-confidence vote in the PM. The desk has net bought USD through London.