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Typical Friday trade in options, with.......>

OPTIONS
OPTIONS: Typical Friday trade in options, with volumes well below average for
this time of day. EUR/USD, AUD/USD and USD/CNY are quietest markets while
USD/INR, USD/HKD and AUD/NZD are still seeing decent interest.
- Reflecting more muted spot movements, implied vols are under pressure, with
front-end AUD/USD, GBP/USD, USD/CAD 1m gauges all hitting multi-week lows.
- Demand for USD/INR downside has driven activity today, with around $3 of puts
trading for every $1 in calls so far Friday. 75.20, 74.50 and 73.50 put strikes
have garnered the most interest.
- Countering the recent HKD strength theme and the HKMA intervening on numerous
occasions as USD/HKD hits the lower end of the trading band, 7.85 call options
have traded in size throughout Asia-Pac and European hours, with most structures
eyeing a June 2021 expiry. Implied vol for that tenor remains around 0.5 points
above the 2020 average, but well below both the May and 2019 highs.

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