OPTIONS: US Options Roundup - Aug 13 2025
Wednesday's US rates/bond options flow included:
- SFRU5 96.00/96.12/96.25c fly, trades again for 1, bought for 0.75 and 1 in 15k Total
- SFRU5 95.81/95.75/95.68p fly, traded half in 3k.
- SFRU5 95.93/96.00/96.12c fly 2x3x1, traded 2.25 in 2.5k.
- SFRU5 96.00/95.75ps, traded 8 in 5k.
- SFRU5 96.00p, traded 8.5 in 5k.
- SFRU5 96.06/96.12cs traded 1 in 8k total.
- SFRU5 96.12/96.25cs, traded 1.5 in 13k.
- SFRU5 95.8125 puts bought for 1.75 in 5k (block)
- SFRV5 96.37/96.50cs, traded 3 in 2k.
- SFRZ5 95.75/95.68cs, traded 0.25 in 12k.
- SFRZ5 96.37/96.50cs vs 2QZ5 96.93/97.06cs, bought the front for -0.25 in 2.5k. This was bought Yesterday for -0.5 in 2.5k.
- SFRH6 96.25p, traded 10.5 in 2k.
- FVU5 109/108.5 put spread sold at 10.5 in 7.5k (block) - (cov 109-00, 34%)
- TYU5 113 calls bought for 6 in 15.5k (block) - (vs 112-03+, 5%)
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AUDUSD TECHS: Trend Structure Remains Bullish
- RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6688 High Nov 7 ‘24
- RES 2: 0.6603 High Nov 11 ‘24
- RES 1: 0.6595 High Jul 11
- PRICE: 0.6556 @ 16:09 BST Jul 14
- SUP 1: 0.6534 20-day EMA
- SUP 2: 0.6485/6373 50-day EMA / Low Jun 23 and a reversal trigger
- SUP 3: 0.6357 Low May 12
- SUP 4: 0.6275 Low Apr 14
The trend set-up in AUDUSD is unchanged, it remains bullish and last week’s gains reinforces current conditions. Resistance at 0.6590 has been pierced. A clear break of this price point would confirm a resumption of the uptrend and maintain the price sequence of higher highs and higher lows. Scope is seen for a climb towards 0.6603 next, the Nov 11 2024 high. Initial firm support to watch is 0.6485, the 50-day EMA.
US TSYS: Late SOFR/Treasury Option Roundup
SOFR & Treasury option trade remained mixed Monday, SOFR leaning towards low delta calls & call spds (+50k Green Mar'26 call spd for instance). Underlying futures off midday lows, curves adding to Fri's steepening (2s10s +0.744 at 52.760). Projected rate cut pricing cooled slightly vs morning (*) levels: Jul'25 at -1.2bp (-1.7bp), Sep'25 at -16.2bp (-15.9bp), Oct'25 at -30.7bp, Dec'25 at -48.9bp (-49.1bp).
- SOFR Options:
- +4,000 SFRZ5 95.62/SFRH6 95.75 put strip, 5.25 total
- 6,000 SFRU5 96.50 calls ref 95.85
- +10,000 2QZ5 97.00/97.50 call spds vs. 3QZ5 96.75/97.25 call spd, 0.0 net/steepener
- +5,000 SFRZ5 95.56/95.62/95.68 put trees, ref 96.14/0.05
- Block, +5,000 SFRZ5 95.75/95.87/96.25/96.37 put condors, 6.0 net ref 96.145
- -2,500 SFRZ5 96.50 calls, 9.0 ref 96.145
- +15,000 SFRQ5 95.81/95.93/96.00 put trees, 1.0
- Block, 5,000 2QU5 97.00/97.50 call spds vs. 3QU5 96.75/97.25 call spds. 0.5 net Gr Sep over
- Block, +50,000 2QH6 98.00/98.25 call spds, 1.0 ref 96.56
- 2,400 0QV5 96.81 straddles ref 96.785
- 4,000 0QQ5 96.87/97.00/97.12 call flys, 1.0 ref 96.735 to -.74
- 1,000 SFRU5 95.81/95.87/96.18 broken call trees, 0.75 ref 95.855
- Block/screen, +8,000 SFRU5 95.87/96.00/96.06/96.18 call condors, 2.75 ref 95.855
- Treasury Options:
- 1,500 USV5 106/108 put spds 28 ref 112-06
- 10,000 TYV5 113/115 call spds ref 110-19.5
- 5,000 TYU5 112 calls, 25
- 5,800 TYU5 109 puts, 15 ref 110-25 to -24.5
- -2,000 TYV5 110.5 straddles, 218, ref 110-22
- 2,300 wk3 FV 108.5/109 call spds, 4.5 ref 108-05.5 (exp 7/18)
- +1,000 TYQ5 109/109.75/110.5 put flys, 9 vs. 110-23/0.11%
- -2,100 TYQ5 110.75 calls, 26 ref 110-23.5/0.52%
- -1,670 TYQ5 110/111 put spds, 25 ref 110-25.5/0.57%
- 2,000 TYU5 110 puts, 31
- +2,000 Wednesday wkly TY 112 calls, 1
EURJPY TECHS: Another Day, Another High
- RES 4: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 173.43 High Jul 12 ‘24
- RES 2: 172.92 High Jul 16 ‘24
- RES 1: 172.44 High Jul 14
- PRICE: 172.42 @ 16:08 BST Jul 14
- SUP 1: 170.81 Low Jul 11
- SUP 2: 169.48 20-day EMA
- SUP 3: 168.46 Low Jul 1
- SUP 4: 166.88 50-day EMA
The trend condition in EURJPY is unchanged, a bull cycle is in play and the cross continues to trade closer to its recent highs. Fresh gains last week confirm a resumption of the uptrend and maintain the price sequence of higher highs and higher lows. Note that MA studies are in a bull-mode position, highlighting a dominant medium-term uptrend. Sights are on 172.92, the Jul 16 ‘24 high. Support to watch lies at 169.48, the 20-day EMA.
