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Higher than average USD/JPY and USD/CNY.....>

OPTIONS
OPTIONS: Higher than average USD/JPY and USD/CNY hedging volumes countering
lower than usual trading activity in EUR/USD and AUD/USD so far Monday, with
spot USD/JPY's recent rally likely prompting some traders to take advantage and
lock in the over 4.5% rise seen since the flash crash low.
-USD/JPY calls have been particularly popular, with over $4.5bln notional waged
in calls vs. just shy of $3bln waged in puts so far today. Call strikes as high
as Y114.00 have been particularly popular, with interest also stacked between
Y109.55-110.00. USD/JPY put trades tend to have focused on strikes rolling off
between Y108.00-108.60.

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