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Currency hedging volumes somewhat...........>

OPTIONS
OPTIONS: Currency hedging volumes somewhat lacklustre for the major pairs
(EUR/USD and USD/JPY trades totalling below average for this time of day), with
more activity seen in GBP/USD and USD/CNY options trades.
GBP/USD topside exposure is in demand, with GBP/USD's put/call ratio sitting at
0.6 so far today, with 1.3750 call strikes particularly popular. This follows
the modest recovery in spot from the European morning lows, which has abated
somewhat in recent trade.
USD/CNY risk reversals are climbing slightly further today having fallen from
the beginning of the week, with USD/CNH placing the 6.95 under pressure, helping
juice the demand for CNY puts. 

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