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OPTIONS: A relatively average day so far for currency hedging volumes, with most
major pairs seeing trading broadly inline with recent sessions, although
GBP/USD, AUD/USD are slightly below trend.
-GBP/USD risk reversals continue to correct lower after a marked shift higher in
early November as Brexit headlines continue to sour despite tight timelines in
both Brussels and Westminster. GBP/USD 1m risk reversals today touched their
lowest levels of the month. Conversely, EUR/USD riskies are improving slightly
as spot recovers and fails to drop below the $1.12 handle. EUR/USD puts,
however, remain better bought, with the put/call ratio marginally in positive
territory so far today (as per DTCC data).
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