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An inside day for currency hedging..........>

OPTIONS
OPTIONS: An inside day for currency hedging volumes crossing the DTCC so far
today, with most major pairs seeing below-average levels of total notional
traded. Particular deficits seen in USD/CNY and USD/JPY with volumes well below
the recent norms. Upside in the EUR/USD spot rate so far today appears to have
stimulated EUR/USD call option buying, with 1.14 and 1.1450 call strikes in
focus.
In volatility markets, GBP/USD risk reversals across the curve have risen but
most notably in the short-end, with 1m riskies adding over 0.6 vol points to
touch the highest levels since mid-November - effectively erasing the entire
confidence vote/48 letters debacle inspired move lower in its entirety. 

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