Implied volatility rises on FX major's structures as we head into the FOMC's November meeting. GBP O/N vol ticks at around 27.29%, the euro equivalent stands at 20.4%
Term structures remain inverted as short-term implied volatility rises, however, O/N vols remain well within their respective ranges. EUR/USD overnight vol saw its 2022 peak back in July with readings above 25.0%, it has since then recorded lower lows and lower highs.
In EUR/USD, implied volatility remains undervalued in the 1m tenor and on, the premium is flattens into the 1yr contracts
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