🇨🇭LIVEDESK: FX Flows

There has been fresh topside interest in AUDUSD with spot bouncing off a .7765 low. The front end has based. The desk saw diminished supply from systematic names along with some gamma buyers given the low entry point. There is very little trading interbank still. 1m AUDUSD is unchanged on the day at 8.6.

USDCHF Under Pressure USDCHF is under pressure, trading from 65 to 40. The move seems driven by EURCHF selling there has been some selling interest from banks.

USDJPY vols were perky at the start of the day with spot going higher amidst broad dollar strength and some demand for 2w-1m topside options. One month opened at 5.4 and traded up to 5.6 before settling down with most client interest in buying fresh topside.

USDCNH bounced off the overnight low with the fix out above 6.49 and onshore equities opening weak, but slipped below 6.4800 as equities recovered after lunch. Swaps traded heavy and lower. Day-to-day funding is back to the recent lows of 2.5/3 pips a day, while we saw aggressive selling from a mix of hedge funds in the front end.