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FX options markets slightly subdued today...>

OPTIONS
OPTIONS: FX options markets slightly subdued today after decent volumes earlier
in the week. EUR/USD and USD/JPY volumes slightly below average. Short end
implied vols higher across most pairs, with GBPUSD 1m implied vol rising above 8
vol points (up for third consecutive session).
Short-end EURUSD risk reversals also continue to improve, touching the highest
levels since late April today after slipping sharply on Italian political risk.
Now sits just below YTD average of -0.06.

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