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It's been a busy week for currency..........>

OPTIONS
OPTIONS: It's been a busy week for currency options markets, with volumes
surging well ahead of average in a number of pairs and that remains the case for
a number of currencies Friday.
-EUR/USD and GBP/USD volumes are well ahead of average, with EUR/USD risk
reversals failing to reverse much of the week's post-FOMC losses. This has
helped tick implied vols higher across the shorter-end of the curve, with 1m
sitting at just about 5.5 vol points at writing.
-AUD/USD vols have fallen across the curve this week, with 1m vols hitting fresh
cycle lows of 7.03 vol points yesterday, the lowest since April last year. This
pattern's repeated across emerging markets, echoed in the JPMorgan emerging
market vol index hitting levels not seen since early 2018 this week.
-After sitting in the spotlight of EM currency options markets last week,
USD/HKD hedging has been quieter this week, with call option volume falling
sharply in favour of puts this week. This takes some pressure of the HKMA's
intervention policy for now.

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