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Currency hedging volumes sit broadly........>

OPTIONS
OPTIONS: Currency hedging volumes sit broadly alongside average so far Tuesday,
with lower USD/JPY and EUR/USD activity countering better volumes in USD/CNY,
AUD/USD and USD/KRW. DMFX implied vols are generally lower across the board,
with GBP/USD 1m vols a standout and back below 6 points to hold close to
multi-year lows - despite capturing the looming Fed decision as well as the
Johnson-Hunt leadership race. There are some hotspots of activity in Asia-Pac
vols, however, with USD/KRW and USD/HKD short-end vols edging higher, but
sticking well within recent ranges.
-Following the trade truce news yesterday, USD/CNY hedges have been in demand,
with trades relatively balanced between calls and puts. For a second session,
exposure to USD/CNY moving north of 7.00 has been noted, with call strikes
layered from Cny7.00-7.2020 in demand. One of the more interesting trades
crossing in Asia-Pac hours was consistent with a $300mln Cny6.7500/7.2020
strangle rolling off on November 21st.
-Following the RBA rate cut, AUD/USD puts traded well, with $0.69 and $0.6925
strikes noted. 

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