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A slightly quieter session for currency.....>

OPTIONS
OPTIONS: A slightly quieter session for currency hedging markets ahead of the
ECB rate decision following several sessions of bumper volumes. USD/JPY and
USD/CNY total trading volumes are slightly behind average, although EUR/GBP and
AUD/NZD trading activity has been slightly ahead. 1m implied vols have generally
fallen throughout the morning ahead of the ECB rate decision and subsequent
press conference.
-One of the larger trades of note today was what appeared to be a bearish
USD/JPY 1x1 put spread in early Europe, buying Y110 puts expiring in early
February and selling Y108 puts expiring on the same date. The structure would
breakeven at around Y109.40.

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