Traders prep for more euro troubles
The week opened with a surge in sales of euro put options as speculators, including hedge funds and proprietary traders, positioned for the Greek contagion risk to spread to periphery countries.
“There was huge buying of short-dated downside euro options at strikes of 1.30 to the mid-1.20s,” said a senior trader at a European bank in London. “The theme was: Greece might explode very quickly or it might explode in a month or two's time, and you don’t want to have lost a lot of your premium value
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