• EUR/USD implied volatility low, but front-end expiries now underpinned

• Low implied consistent with current rangebound spot and more of status-quo

• Event risk premium from U.S. data and impending Fed, ECB decisions underpins

• Fed Powell and NFP risks reflected in overnight and 1-week expiry options

• EUR/USD downside premium on 1-month risk reversals eye 1-year lows at 0.25

• EUR put/USD call premiums for other dates lower, too- less risk of FX losses

  
  

  
  

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