⚠️💱 High-Beta FX Consolidating As Volatility Rebounds: Cable FX Macro

• Our basket of high-beta currencies posted declines over the previous 5-days, the index closed Friday 24.5 points lower as it pared some of the November gains

• An FX volatility gauge constructed by J.P. Morgan finished the week higher by 27 basis points to reach the highest level in three weeks

• A significant correlation between FX volatility and our high-beta basket remains, the last read shows a coefficient of 0.73