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Currency hedging volumes sitting well.......>

OPTIONS
OPTIONS: Currency hedging volumes sitting well below recent averages, with the
lack of newsflow and Fed blackout period weighing on volumes across the board.
This morning's better USD/CNY fix (CNY stronger) is also helping to weigh on
vols also. Implied measures sit generally lower across DMFX with commodity-tied
currencies the only bright spot (RUB and CAD vols are somewhat supported).
-USD/HKD options trades have proved popular so far Tuesday, with renewed
interest in call options with strikes just below, or at, the implied HKMA band
of 7.85. One of the larger trades crossing in the Asia-Pac session was a $400mln
7.8250/7.8500 six-month call spread, rolling off on 11th December this year.

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