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Another morning of somewhat lacklustre......>

OPTIONS
OPTIONS: Another morning of somewhat lacklustre hedging volumes, with USD/JPY
and USD/CNY trades ebbing slightly lower than average for this time of day.
EUR/USD volumes, however, are slightly ahead ($2.9bln vs. $2.0bln average for
this time of day). EUR/USD trades' put/call ratio sits at 0.71 with short-dated
calls in strong demand. Recent trades include ~EUR253mln in EUR/USD calls due to
expire on August 9th with strikes from $1.18-1.19, gearing for profits on a move
higher in spot over the next fortnight or so.

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