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⚠️💱 FX Implied Volatility Curves Reinvert: Cable FX Macro

**As seen in Macro Walk report 03/11/23, subscribe at

  • FX pairs implied volatility in short-term tenors jumped in the week to see curves reinvert. Antipodes led the rise in the 1-week space as NZD IV jumped by 4 vols to 15.49%.

  • Volatility in USD/JPY did not follow through as the market saw past the BoJ risk event, however, the vol premium in the yen remains above 350 basis point

  • The euro heads into final CPI data from the eurozone, the U.S. inflation report and the ECB. The 1-week tenor jumped by 3.3 vols to 11.123%, this leaves its vol premium at 330bps,the spread is the widest since late February



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