💶 Demand For EUR/USD Puts Off Best Levels Since March: Cable FX Macro

• EUR/USD 1w risk reversals favoured puts over calls by 25bps, hedging for pair downside reached the highest since March at 44bps

• Demand for EUR calls surged over puts after October inflation data while the spot rate tested 1.10, however, this was short-lived

• So far this year, short-term risk reversals have seen puts favoured by 22bps, on average