💶Front-End Demand For EUR/USD Downside Holds: Cable FX Macro

• EUR/USD downside is favored in the 1w tenor, while this is marginal it reversed from calls/puts positive premium, something not seen since early March

• Euro-dollar skewness is inverted as the curve extends dollar topside demand into the 1y tenor. EUR/USD 1m risk reversals tick at -22bps, the 9m tenor reads at -85bps

• Looking into next week, the calendar holds U.S. inflation readings, eurozone GDP preliminary data