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Tuesday, April 10, 2007

USD/JPY: Hovers Over 119.00 Ahead Of NY Options Cut

USD/JPY hovers over the 119.00 handle ahead of the NY options cut. In the absence of larger flows, options name are driving price action amid reports of gamma related spot flows. Good size strikes have changed hands at this level over the last few sessions and this has left spot in a very narrow trading range since the European open. This interest has reduced the pace of spot movement and may well continue in tomorrow's session given the open interest that is confirmed at the Tokyo and the NY cut. Bids remain at 118.75/80 and standing offers come in at 119.35 up to 119.50.

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