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After a quiet session yesterday, currency...>

OPTIONS
OPTIONS: After a quiet session yesterday, currency hedging volumes are picking
up once again Thursday, with gains led by USD/CNY, with puts better bought so
far today. USD/JPY, AUD/USD, GBP/USD and USD/KRW are also ahead of average so
far today.
The popularity of USD/CNY puts today counters the trend seen earlier in the
week, where USD/CNY upside exposure was in vogue despite the trade talks over
the weekend being seen having a positive outcome.
GBP/USD risk reversals continue to improve ahead of the House of Commons vote on
December 11th, with traders also keeping an eye on the formal judgement of the
European Court of Justice Dec10 on whether the UK can unilaterally withdraw the
notice of article 50 after a top EU aide gave a positive opinion earlier this
week. GBP/USD 1w risk reversals now trade at the highest levels in favour of
calls since early June.

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