• Option dealers will cover areas where they are short inventory if threatened

• Related flows can therefore show any growing concerns/need to cover

• Many FX traders were expecting retail offers/barriers at 107.00 to hold

• But on Monday, options were covering for gains above 107.00 nL2N2KZ116

• There's more interest to buy strikes above alleged large 108.00 barriers now

• Likely short gamma above 108.00, could see increased volatility if broken

• Big expiries below nL2N2KZ116. Powell and NFP risk premium nL2N2L20HD

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