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Despite the climb in USD/JPY spot today,....>

OPTIONS
OPTIONS: Despite the climb in USD/JPY spot today, USD/JPY risk reversals
continue to head south, touching fresh multi-month lows of 1.3375 vol points in
favour of puts. This may suggest that despite the moderate recovery in prices,
options markets remain concerned about the longevity of any rally given the
fragility of global equity market sentiment at present.
USD/JPY options are, by far, the most traded pair so far today and inching above
average for this time of day. EUR/USD hedging trades are lagging given spot's
Monday range being well-contained within Friday's limits so far. 

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