💶Euro Daily Range Rises For 4th Straight Session to Highest Since Mid-Sept.: Cable FX Macro

• The daily range in the EUR/USD spot rate has risen every day since Thursday, at 117 pips it is now at the highest in more than a month. Daily ranges above 100 pips have been less common during 2H 2023. The panel in the right shows the distribution since late June, today's range is more than one standard-deviation from the mean

• Implied volatility has been moving higher during the last week of the month, the 1w tenor now stands at 7.55%, readings closer to 8.0% have been unusual over the last couple of months. The relative premium in the tenor stands at about 85bps