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Currency hedging volumes higher than........>

OPTIONS
OPTIONS: Currency hedging volumes higher than average today, with the breakout
in spot prices for USD/JPY and EUR/USD clearly helping stimulate activity.
USD/JPY total options traded so far today comes in at just under double the
expected level for this time of day, with EUR/USD also well ahead. The put/call
ratios for both USD/JPY and EUR/USD are overwhelmingly in favour of USD puts,
with traders taking advantage of today's spell of weakness in the USD spot
price. Y111.50 and Y110 USD/JPY put strikes are well in demand, alongside
$1.1500 and $1.1475 EUR/USD calls.
The sentiment is echoed in risk reversals markets, with EUR/USD 1m risk
reversals skewing in favour of calls to the greatest extent since early June and
the comparable contract for USD/JPY touching late October lows. 

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