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GBP/USD 1m risk reversals moved...............>

CABLE
CABLE: GBP/USD 1m risk reversals moved convincingly above par yesterday for the
first time since late January as options markets take a more uniformly bearish
view toward the dollar across most major pairs. In tandem, EUR/USD 1m risk
reversals have risen for three consecutive sessions. Nonetheless, implied vol
measures remain somewhat depressed: 1m implied vols for both EUR/USD and GBP/USD
are sitting close to multi-month lows.

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