⚠️💱FX Volatility Bid Across The Board: Cable FX Macro

• The last trading week of the quarter recorded front-end volatility higher across currencies. Political and economic risk events will open the 3Q books next week, starting with the first round of the French election

• The yen fell to close for the week at the lowest point since 1986, at 9.0% 1w implied and 1.310% 1m flies it seems like risks are being masked, perhaps by quiet Summer trading (Scandies off the desk?)

• 2024 1H will be known for low vol across asset classes, and we're set to enter a period historically known for being quiet. It has been very hard to scrap what has worked over the last couple of years and adjust (mentally) to this first half of the year. I guess, if anyone reads this, we're on the same boat