⚠️💱EUR/USD Risk Reversals Fall to Lowest Since April: Cable FX Macro

• 1m EUR/USD risk reversals saw an increased demand for puts over calls, taking the differential to the lowest since April at 42bps while the 1w tenor ticks at 37bps

• Implied volatility is unchanged on the session, while the front end rises 20bps to 6.675%. 1m tenors are recording a rise over the week in major crosses, only GBP/USD vols post declines on the week

• Dollar topside demand comes as next week docket holds the Jackson Hole Symposium, aside from that, it will be a quiet week