* Despite a bout of USD weakness, the desk, Rows show volumes 25% under the five-day average. There has been limited participation in the rally in GBP) macro and real-money names were small net buyers against both the EUR and USD with some of this offset by retail sellers - gamma has drifted lower with lm rolling over the next Bank of England meeting and the Scottish elections
* At 7.0 vol, trading thinks it is starting to look cheap with GBP calls particularly attractive. The EUR front end continues to come under pressure amid systematic supply - there has been downside interest for the French elections next year, funded by selling front mid-date vol which has further supplied the market with short-dated vega
* INR remains a focus, with it being the more supported vol curve versus regional peers and there has been a mix of directional interests, with a bias to own topside and/or supply vol for downside structures given the spot-vol correlation continues to perform well
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