💵🔻Dollar Options Turn Bearish For First Time Since 2020: Cable FX Macro

• The dollar options market is favouring puts over calls in the 1m tenor. While the put premium is marginal, this read has not happened since 2020, an index constructed by Bloomberg shows

• Dollar riskies are not moving uniformly across majors, we could say that most of the recent change is mainly due to the yen as the euro and pound 1m tenors delta is relatively minimal

• USDJPY 1m RR have moved 55.1 bps in favour of puts over the last week, EURUSD and GBPUSD RR record changes of less than 2 bps in the same tenor