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GBP/USD option volumes surging well.........>

OPTIONS
OPTIONS: GBP/USD option volumes surging well beyond their daily average today,
with over $5bln notional already traded vs. the $1bln you'd normally see at this
time of day. Approximately three put options bought for every two calls so far
this session. Significant trades today appear to be focused on early August
expiries - with well over $500mln notional due to roll-off at $1.3333-1.3450 on
9th August, one week following the Bank of England's Quarterly Inflation Report
and rate decision.

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