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💹One Week USD/JPY Risk Reversals At Lowest Since March: Cable FX Macro

Writer's picture: Rosbel DuránRosbel Durán
  • Demand for protection against a rise in the yen has reached levels not seen since March, USD/JPY 1w RR now favour puts by 4.06 vols

  • USD/JPY downside protection jumps as we head into the BoJ July monetary policy meeting, the central bank is expected to leave policy unchanged on Thursday

  • 1w risk reversals have not been this high since Kuroda's last meeting in March, when markets prepared for a potential surprise from the former governor

  • O/N vols now tick at 17.10%, this is above the 1-year average of 15.75%


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