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USD/JPY's run up towards Y113 (and the......>

OPTIONS
OPTIONS: USD/JPY's run up towards Y113 (and the 200-dma) appears to have helped
options volumes somewhat, with USD/JPY total traded notional topping $8.5bln -
well ahead of the $6.8bln average for this time of day. This counters lower than
normal volumes in EUR/USD, USD/CNY and GBP/USD today, however EUR/GBP trading
looks strong so far today.
USD/JPY's put/call ratio sits at exactly 1, however the larger notional trades
today are largely USD/JPY puts. Put strikes are layered between the Y112.25 to
Y106.00 levels and are scheduled to roll off in mid-December.
In volatility markets, GBP/USD risk reversals continue to recover after printing
the lowest level since the 2017 General Election late last week and now sits at
1.2650 vol points in favour of puts. 

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