• Overnight expiry EUR/USD options included US CPI from Wed, but demand tame

• Premium and demand picks up Thursday - expiry now Friday so gets US PPI too

• Overnight implied volatility 12.5 vs 11 when expiry first got CPI, 8.7 prior

• Higher implied volatility means higher perceived risk of realised volatility

• Premium/break-even now 57 USD pips vs 40 USD pips before CPI capture

• Strong demand for various strikes between 1.0900-1.1060 so far on Thursday

• Billions of euros of nearby strike expiries helpcontain EUR this week

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