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Banks chased vol higher as last week’s EUR/USD surge knocked out barrier trades
The selloff in the US dollar last week against the yen and euro forced many foreign exchange options dealers to hurriedly buy back expensive hedges for trades that had been knocked out by the surge in spot and volatility.
“In euro/US dollar, 1.20 was a big psychological level and lots of hedge funds and corporate clients had barriers around that. When it did hit 1.20, it was quite an aggressive move and spot went up to 1.2080. That was somewhat reminiscent of the barriers that got triggered on
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