⚠️Rates, FX Vol Not Following Through Equity Measures: Cable FX Macro

• Measures of FX and rates implied volatility are not following equity gauges to the downside as the VIX hits a 1-year low of 18.35 on Friday session

• Divergence is more evident in the JPM FX Volatility Index as it rises and extends gains into Monday session

• Tenors across the VIX curve have seen similar declines as the spot underperforms

• U.S. equity markets were closed on Monday for MLK day, we're set to see if the move is filtered into risk sentiment