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Despite pretty steady price action across...>

OPTIONS
OPTIONS: Despite pretty steady price action across spot FX so far Wednesday,
options volume have been somewhat supported, with demand for EUR/GBP, USD/SGD
and USD/CHF hedges countering quieter USD/JPY and USD/CNY markets. Implied vol
markets are pretty uninspirational so far, with most metrics well within recent
ranges and now outsized moves this morning.
- Demand for protection against a move below 0.89 in EUR/GBP picked up this
morning, with a series of EUR/GBP put strikes trading throughout the European
morning and eyeing a one-week expiry.
- Following the recent uptick in realised vol for CHF crosses (notably EUR/CHF -
USD/CHF vols have barely budged), markets are still opting for CHF upside
exposure via USD/CHF puts today, with 0.9675 (and to a lesser extent 0.9550 &
0.9575) put strikes being sought this morning.
- Option expiries of considerable size this week in EUR/USD could keep spot
anchored over the next few days, with large trades rolling off between
$1.0850-1.09 well into the beginning of next week.

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