🇨🇭LIVEDESK: FX Flows

• FX flow volumes are up 60% vs yesterday and +41% vs the five-day rolling average, as macro investors sold USDs during the Asia session amid growing speculation about the future leadership at the Fed.

• In G10, macro directional accounts sold USDs vs JPY and EUR and GBP. We saw some social selling in AUDUSD from asset managers. In options, JPY gamma options have gone a little bit bid with spot drifting below 113.0 and threatening a further unwind of long positions.

• In EM we saw USD buying vs CNH, HKD and KRW, and USDSGD selling, with macro types the most active. In vol, front-end options were paid up from the lows. Gamma is bid, particularly for USD puts, with USD/Asia showing some broad momentum to the downside.

Via: UBS