⚠️💱JPY, GBP Vols Rise The Most Heading Into Central Bank Meetings: Cable FX Macro

**As seen in Online Tools > Eco Board, get access now! cablefxm.co.uk

• 1w tenors saw the largest increases in GBP/USD and USD/JPY on the week, as the docket is heavy on central banking decisions. Sterling implieds rose 1.3 vols, yen 1w rose 1.7 vols. EUR/USD structure is inverted, while USD/JPY tenors steepen into the 1y

• Volatility screened cheap in USD/JPY front-end as realized vols trade at an almost 200bps premium to implieds. No other currency has such negative premium in our watch list.