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Strategies & Market Trends : Waiting for the big Kahuna
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To: William H Huebl who started this subject3/12/2001 3:44:25 AM
From: friverola  Read Replies (1) of 94695
 
Daily Forex Option Report
Monday March 12, 2.001. 8.45AM GMT. By IFX
Good morning. All eyes on the yen once again, Q4 GDP came out slightly better, or at least in line with market expectation at plus 0.8%, however a fall in the Nikkei by over 3 % after Friday's tumble in US equities was enough to see the yen break 120.50 against the dollar and 112 against the euro. 120.50 remains key to a technical breakout, and once again the option market seems to be firmly pricing in a break though that level with 1m vol up at 13 and the rr firmly bid at 2.
Last week saw steady and sizable buying of upside yen puts, 3m 125 yen puts in particular have been very popular and have helped to push up vols accordingly.
Eurjpy still remains our favoured way of taking advantage of yen weakness, and as we mentioned last week eurcalls with various rko's very much takes advantage of the high vols and high rr.
Elsewhere a better than expected US non-farm payrolls figure helped the dollar strengthen slightly against the euro, however euro remains firmly rangebound and can see nothing of interest until we break 9370 on the upside.
FOMC is still expected to cut US interest rates on the 20th of March, and we may see a flat market on the eurusd until then. A 23 Mar 9400 eurcall would cost less than 7 USD pips by selling a 8 Mar 9200/9400 euro strangle off spot 9325, hedge downside on a break of 9250... See table

fxstreet.com
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