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Rate extends the day's losses as firm GBP.....>

CABLE
CABLE: Rate extends the day's losses as firm GBP selling going through in both
GBP/USD and EUR/GBP (which rises to a multi-month high). All this GBP weakness
feeding through very well to GBP hedging volumes, with put activity surging on
the most recent downtick.
-Put/call ratio now sits well above 4.0, with put strikes at $1.21, $1.22 and as
low as $1.1965. Put spreads have been a popular strategy, with a Gbp98mln
1.23/1.24 one-week put spread one of the more recent trades to cross.
-Reflecting this, the GBP/USD risk reversals curve has dumped, with contracts
that capture the Oct31 Brexit date falling the furthest. Although the various
risk reversals/volatility contracts are still yet to re-visit the lows seen
mid-March when the No Deal risk seemed even higher.

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