💶🔻EUR/USD Options Market Stands Most Bearish Since April: Cable FX Macro

• Options market now stands the most bearish on the euro since April. EUR/USD 1m risk reversals favour puts by 50bps, this compares to 29bps one week ago

• EUR/USD now trades in the low 1.05s, around 150 pips lower since the FOMC meeting

• Our risk reversal tracker is showing the similar developments across the G10 (ex-SEK & JPY) as we have seen an increase in topside USD demand