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Overall, FX hedging volumes are broadly.....>

OPTIONS
OPTIONS: Overall, FX hedging volumes are broadly inline with recent averages as
lower volumes in USD/JPY and USD/CNY are countered by strong trading activity in
GBP/USD and AUD/USD.
- Standout trades so far include what appeared to be sizeable GBP/USD call
spreads crossing alongside the European open: a Gbp366mln 1.35/1.38 call spread
(would break even around at 1.3560) traded alongside a Gbp351mln 1.41/1.44 call
spread (would break even at around $1.4110), with both trades rolling off on
June 19th.
- Larger trades in AUD/USD are tilted towards calls: large 0.74 and 0.71 calls
traded during both the Asia-Pacific session and the European morning, expiring
on April 8th-11th.

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