From the FXWW Chatroom: In G10, net buying of EUR upside has increased after the ECB meeting last week, but is much less pronounced than the buying seen earlier this year. In JPY, in contrast, buying has reduced but on balance flows are still positive and close to the average buying seen over the past few weeks. Meanwhile, options flows have flipped from marginal net selling to marginal net buying in GBP. NOK has been the most bought currency over the past week. On the bearish side, there has been a shift this week from marginal net buying to marginal net selling in USD. Net buying of downside has declined in the rest of the G10 with the most significant reduction seen in NZD.
In EM, net buying of ILS upside has increased significantly, whereas net buying of SGD upside has reduced marginally. Meanwhile, options flows have become flat in ZAR. Net selling in CNH, TRY and RUB has increased, but is much less pronounced than the historical extremes of selling seen in them. There continues to be significant net selling in PLN and KRW and marginal net selling in MXN.
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