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A rare day of below-average USD/CNY.........>

OPTIONS
OPTIONS: A rare day of below-average USD/CNY option volumes today, but it's the
same case for EUR/USD and USD/JPY despite US traders returning from Independence
Day holidays later today. Implied vols are broadly flat across the EUR/USD
profile, which contrasts with the rallying EUR spot rate today, which may add to
the theory that markets are using the ECB sources story as an excuse to bid up
EUR, with the sources story divulging little that wasn't already known.

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