⚠️💶EUR/USD CPI Overnight Volatility At Lowest This Year: Cable FX Macro

• EUR/USD overnight volatility is ticking at 7.54%, this is well below its one-year average of 9.86% and marks the lowest O/N implied vol reading heading into a CPI report this year

• The chart below shows the dates for U.S. CPI releases over the course of 2023

• Looking back at a year of CPI data releases, the EUR/USD cross has finished higher every day except for October 2023. The average response sees EUR/USD trading up 0.23% 30 minutes after the release