⚠️ Volatility Premiums Narrow Except USDJPY: Cable FX Macro

**As seen in Macro Walk report 02/18/23, cablefxm.co.uk/reports

• Volatility premiums in FX pairs narrow after the previous weeks' batch of events. In EUR/USD, historical volatility is now at par with implied vol, GBP/USD now sees IV below realized for all tenors

• IV premium is still seen in USD/JPY and NZD/USD 1w, this is even as the former led declines on the week. USD/JPY 1w vol fell 3.75 vols to 11.775%