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FX options wrap - Intervention alert, data threat, USD bid

BUZZ-FX options wrap - Intervention alert, data threat, USD bid FX option implied volatility is back at the long-term lows seen before the March 22 Chinese yuan slump, but there are a few exceptions that highlight perceived volatility risks ahead. USD/CNH 1-month expiry implied volatility spiked from 2.5 to 4.75 on March 22 but has met demand on its reversion to 3.3. One-month risk reversals flipped from a USD put, to a USD call premium that day, which remains intact to reflect the risk of more
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China's yuan steady on strong PBOC guidance

China's yuan steady on strong PBOC guidance SHANGHAI, March 28 (Reuters) - China's yuan was steady on Thursday as the central bank's strong guidance offset pressure from a firmer dollar, while market attention was focused on upcoming key U.S. inflation. Prior to the market's opening, the People's Bank of China set the midpoint rate CNY=PBOC , around which the yuan is allowed to trade in a 2% band, at 7.0948 per U.S.
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China sets yuan at much stronger fixing than markets expected

China sets yuan at much stronger fixing than markets expected SHANGHAI, March 28 (Reuters) - China's central bank set the yuan fixing at the widest gap against Reuters' estimate in nearly five months, as authorities step up efforts to prevent sharp declines in the currency. Prior to the market's opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.0948 per U.S.
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Shares cautiously climb; Japan officials rattle sabers at yen shorts

GLOBAL MARKETS -Shares cautiously climb; Japan officials rattle sabers at yen shorts Updates as of 1623 ET By Alden Bentley, Amanda Cooper and Kevin Buckland NEW YORK/LONDON/TOKYO, March 27 (Reuters) - Global share markets advanced cautiously on Wednesday, led by an early rally in Japanese stocks as the yen sagged to its weakest since 1990, prompting intervention fears, while benchmark U.S.
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Shares cautiously climb; Japan officials rattle sabers at yen shorts

GLOBAL MARKETS -Shares cautiously climb; Japan officials rattle sabers at yen shorts Updates as of 1431 ET By Alden Bentley, Amanda Cooper and Kevin Buckland NEW YORK/LONDON/TOKYO, March 27 (Reuters) - Global shares advanced cautiously on Wednesday, led by an early rally in Japanese stocks as the yen sagged to its weakest since 1990, prompting intervention fears, while benchmark U.S.
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FX options wrap - Value and protection, JPY conflict, EUR slide

BUZZ-FX options wrap - Value and protection, JPY conflict, EUR slide FX option implied volatility returns to long-term lows, aligning with a slight increase in historical volatility for cost-effective currency protection . The impending UK/EU Easter bank holidays are adding a little weight to implied volatility as traders adjust for the four dead trading days.
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Shares rally; Japan authorities rattle sabers on yen selling

GLOBAL MARKETS-Shares rally; Japan authorities rattle sabers on yen selling Updates as of 0934 By Kevin Buckland, Amanda Cooper and Alden Bentley NEW YORK/LONDON/TOKYO, March 27 (Reuters) - Global shares rose on Wednesday, nudged higher by a rally in Japanese stocks as the yen sagged to its weakest since 1990, while the dollar held mostly steady in a holiday-shortened week that ends with a key reading on U.S.
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FX options offer both value and currency protection

BUZZ-COMMENT-FX options offer both value and currency protection March 27 (Reuters) - Price action in foreign exchange cash and option markets has improved the reward versus risk of owning options and can provide an attractive hedge for those who want to protect positions from any adverse currency volatility. FX volatility is an unknown yet key parameter of an option premium, so dealers use implied volatility as a substitute.
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As yuan skids, markets bet more depreciation is in store

ANALYSIS-As yuan skids, markets bet more depreciation is in store By Rae Wee and Vidya Ranganathan SINGAPORE, March 27 (Reuters) - China's yuan is sliding and market participants suspect authorities are deliberately but slowly engineering a light depreciation of the currency, both to complement an easy monetary policy and to support exports. Several signals have stirred that speculation.
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China's yuan weakens as strengthened dollar pressures

China's yuan weakens as strengthened dollar pressures SHANGHAI, March 27 (Reuters) - China's yuan weakened on Wednesday due to the strengthened dollar's continued pressure, despite the central bank's strong fixing to support the currency, while better economic data also offered little help. Prior to the market's opening, the People's Bank of China set the midpoint rate CNY=PBOC at 7.0946 per U.S.
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Crack in yuan's defensive wall fuels bets on its fall

BUZZ-COMMENT-Crack in yuan's defensive wall fuels bets on its fall March 27 (Reuters) - China's yuan is weakening again Wednesday, on course to test the 2024 low printed on Friday. Despite officials' stepped up efforts to deter bears, the crack in the yuan's defence last week is fuelling bets it may soon give way . Wednesday's USD/CNY benchmark was set a mere three pips higher than Tuesday's, revealing an approximately -1,300 pips deviation from neutral forecasts.
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FX options wrap - Panic over, forecast, double-edge, month-end

BUZZ-FX options wrap - Panic over, forecast, double-edge, month-end Friday's panic demand for FX option implied volatility that started in USD/CNH, was quickly reversed and premiums have since reverted to long term lows . Low implied volatility is a double edged sword for FX markets - a boon for carry traders, but a hindrance for those who rely on FX volatility to generate returns.
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Yen stabilises after finance minister comments, dollar dips

CORRECTED-FOREX-Yen stabilises after finance minister comments, dollar dips Corrects dollar/yen October 2022 level in paragraph 4 By Rae Wee and Alun John SINGAPORE/LONDON, March 26 (Reuters) - The yen found some stability on Tuesday, just shy of its weakest level in 34 years, as verbal intervention by Japanese officials continued, while the dollar was on the back foot.
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March markets serene as Q1 peters out

MORNING BID AMERICAS-March markets serene as Q1 peters out A look at the day ahead in U.S. and global markets from Mike Dolan Investors appear happy to sit on punchy first quarter stock gains as March drifts to quiet finish, with the dollar back under wraps overseas, interest rate markets calm and volatility subdued into the Easter break for many countries.
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Yen stabilises after finance minister comments, dollar dips

FOREX-Yen stabilises after finance minister comments, dollar dips Updates at 0900 GMT By Rae Wee and Alun John SINGAPORE/LONDON, March 26 (Reuters) - The yen found some stability on Tuesday, just shy of its weakest level in 34 years, as verbal intervention by Japanese officials continued, while the dollar was on the back foot. The euro was last at $1.0850 EUR=EBS and the pound at $1.2645 GBP=D3 , both slightly firmer on the day and in the middle of their recent ranges.
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Option prices are a double-edged sword for FX markets

BUZZ-COMMENT-Option prices are a double-edged sword for FX markets March 26 (Reuters) - FX options are forward looking FX spot derivatives which thrive on volatility, and their current low premiums signal both caution and opportunity for FX traders. FX volatility is an unknown, yet key part of an option premium, so dealers use implied volatility as a stand-in.
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Dollar eases, yen finds floor from Tokyo's jawboning

FOREX-Dollar eases, yen finds floor from Tokyo's jawboning Updates prices at 0615 GMT By Rae Wee SINGAPORE, March 26 (Reuters) - The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued their jawboning to defend the currency. Against the greenback, the New Zealand dollar NZD=D3 rebounded from a four-month low and last rose 0.13% to $0.6011, and likewise for sterling GBP=D3 which firmed 0.1% to $
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China's yuan down on accommodative policy outlook, resilient dollar

China's yuan down on accommodative policy outlook, resilient dollar SHANGHAI, March 26 (Reuters) - China's yuan eased against the dollar on Tuesday, after a sharp bounce the previous day, pressured by underlying expectations that easier monetary policy at home and broad greenback strength will lead to more weakness in the local currency. The yuan slumped to a four-month low on Friday, prompting a reassessment of its medium-term trajectory with many traders betting on more downside potential.
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Dollar dips, yen draws support from Tokyo's jawboning

FOREX-Dollar dips, yen draws support from Tokyo's jawboning By Rae Wee SINGAPORE, March 26 (Reuters) - The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued with their jawboning to defend the currency. Against the greenback, the New Zealand dollar NZD=D3 rebounded from a four-month low and last bought $0.5999, and likewise for sterling GBP=D3 which firmed to $1.2636, away from last week's one
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Volatile yuan, fragile yen cool sentiment

MORNING BID ASIA-Volatile yuan, fragile yen cool sentiment By Jamie McGeever March 26 (Reuters) - A look at the day ahead in Asian markets. Chinese markets will be under close scrutiny on Tuesday, as signs emerge that the recovery for much of this year in asset prices and investor sentiment may be fading as the first quarter draws to a close. The broader tone across Asia is fairly muted too with regional stocks on the defensive as investors grapple with a resilient dollar and higher U.S.
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