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Options markets a little cooler today.......>

OPTIONS
OPTIONS: Options markets a little cooler today after a busy Wednesday session:
USD/JPY, EUR/USD volumes slightly below average but USD/CNY trades already
running ahead of their average daily total. Just shy of $8bln in USD/CNY options
trades so far today, with larger, short-term put trades in focus. Puts expiring
on Jul27 appear popular with over $700mln bought. Trades saw strikes layered
between Cny6.70-6.82 and were placed at the tail-end of the Asian session this
morning.
Implied vol markets generally rising today, particularly in GBP/USD, with 1m
vols touching the highest since early June today. This coincides with the lowest
GBP/USD 3m risk reversals print since the election last year, which bottomed out
at 1.9425 in favour of puts.

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