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Light Asia-Pac volumes due to sporadic......>

OPTIONS
OPTIONS: Light Asia-Pac volumes due to sporadic market closures has currency
hedging volumes on the back foot Tuesday, with better-than-average trading
activity in EUR/USD, USD/INR and USD/TRY failing to counter lower volumes in
USD/JPY, USD/CNY, AUD/USD and GBP/USD.
-In EUR/USD, 1m risk reversals continue to retreat from their most recent cycle
high printed in early Jan of 0.11 vol points in favour of EUR/USD calls, with
the measure dipping back below 0 and in favour of puts in recent sessions. As
such, it follows that EUR/USD puts have outweighed calls in trading activity
crossing the DTCC so far Tuesday, with almost 3 puts bought for every 2 calls.
One of the more interesting EUR/USD options traded today includes what appears
to be a 1.1285/1.1670 straddle, expiring in early April (roughly one week
following the UK's proposed EU exit date) for a total notional of over E300mln.
-Following the RBA rate decision overnight, AUD/USD calls have been better
bought, following spot markets higher as 1m risk reversals edge back towards the
best levels since early December last year.

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