FX interest remains light as vols trade softer ahead of the FOMC tomorrow. There is a small bias to trade short USDs, this being most notable in CHF, with flows showing buyers of CHF against the USD driven by macro names. In EUR, there has been some topside gamma buying, mainly looking at rolling existing strikes higher in the front end, but overall the systematic supply is still dominating.
Meanwhile, GBP weakness is likely driven by the delay to the easing of covid-related restrictions, although flows show net GBP buying on the day as retail names buy into the macro selling which has driven the price action.
AUD weakness followed dovish minutes from the RBA overnight, and macro names have been chasing the move lower - net sellers on the day.
Flows show macro sellers of PLN through the London morning. It lags its CE3 peers. Whilst range bound spots and likely continued easy policy through the summer has had clients looking again towards carry - flows show buyers of RUB and CNH this morning, with downside interest via more vol neutral / selling structures.
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