🇨🇭LIVEDESK: FX Flows

• Despite the news from Turkey over the weekend and move in USDTRY today, FX flows are -18% vs Friday and -24% vs the 5-day average.

• In G10 the largest two-way volume during Asia trading was in USDJPY, where we saw net selling from macro directional and asset managers while retail names were net flat on the day. Macros also sold EURUSD.

• In options, JPY vols started the week more or less sideways, with spot stopping around the Friday lows and actually dragging slightly higher. We continue to see some unwind interest for topside coming in. The front end has settled down but is not exactly coming off just yet.

• In EM we have been broadly better buyers of USD with asset managers buying vs CNH while macros net bought USDs vs SGD and HKD, with decent two-way interest in USDSGD on the day as Singapore's CPI came in slightly higher than consensus.