FX options markets for the pound and the Hong Kong dollar have shown signs of life in recent weeks as political events fueled activity in the two currencies.

When the US sought to revoke Hong Kong’s special status earlier this year, some speculated that the Hong Kong dollar’s peg to the dollar would break. Since then, the currency’s strength has seen it trade at the lower end of its range, with options traders increasingly betting that it will breach its lower bound.

In the United Kingdom