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Volumes looking surprisingly healthy........>

OPTIONS
OPTIONS: Volumes looking surprisingly healthy among the majors despite the
proximity to the 4th July market holiday on Wednesday and early closes Tuesday.
USD/JPY and USD/CNY hedging activity sits well above average for this time of
day, with over $4bln in trades per pair. 1m and 3m implied vols are climbing
almost unanimously across the board and particularly USD/SEK ahead of tomorrow's
rate decision.

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