• EUR/USD implied volatility meets demand from long term lows on Thursday

• Benchmark 1-month expiry is 7.9 from 7.65 early Thurs, 3-month 7.7 from 7.5

• 2-month already bounced 7.3-7.7 Thursday as captures June Fed, ECB, now 7.9

• 1-month risk reversals have almost erased long standing downside vol premium

• Any further FX gains could flip that premium to a topside volatility premium

• Topside vol premium combined with more EUR/USD gains would lift implied vol

• FX options wrap

  
  

  
  

  
  

  
  

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