EUR: Weekly FX Exchange traded Option

• USD Index heads into the London close at the lowest levels of the day: the index has shown through the overnight low of 98.8959, but remains clear of the weekly low and last week's pullback low of 98.3510.
• Today's price action keeps prices clear of a material test on key resistance stemming from the downtrendline drawn off the early February highs at 109.881 (today at 99.575) - a level that could draw additional interest on any hawkish repricing stemming from strong inflation prints at this week's CPI & PPI releases.
• Despite a busier European morning, FX futures volumes have faded fast into the NY crossover - extending the theme after a quieter market on Monday. Poor UK jobs data has helped GBP standout: futures have cleared volumes 30% ahead of average for this time of day, but both JPY and EUR markets are considerably quieter than usual.
• The upcoming 3y Treasury auction takes focus next, but the longer-end issuance on Thursday should prove of greater interest as the long-end of the curve across developed markets remains particularly sensitive and helps drive broader sentiment.

Large long dated Basic resource Option ratio Put spread:

• SXPP (21/12/29) 450/300ps 1x1.5, bought for 35.1 in 13.5k (13.5k x 20.25k).

BTP Block trades, suggest sellers:

• IKU5 ~1.72k at 121.23 and ~1.4k at 121.19.