The new trading week is beginning with the Greenback trading much lower following a very disappointing employment number released on Friday.  The market was expecting an increase of 170,000 new jobs created for the month of May, and the number only showed an increase of 75,000.  The market now fears that with the latest round of data releases, the last thing the Fed will do is raise interest rates.  Fed Chairman Ben Bernanke is scheduled to speak today and Friday and close attention will be paid to see if he hints at any sort of bias. 

Option vols are weaker this week.  Skews remain unchanged with the market still favoring upside EUR calls and JPY calls. 

OPTION TRADE IDEAS

Below please find some strategies, which depending on your view might be applicable.  Please bear in mind that all of these trades can be applied to any of the currency pairs, which may be traded.  All barrier levels, strikes, triggers, payouts, and maturity dates can be tailored to each individualââ,¬â"¢s views.

Kathy Lien is the Chief Currency Strategist at FXCM.

Disclaimer: Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of option (i.e., put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your position to become profitable, taking into account the premium and all transaction costs.