• Risk reversals benefit from FX volatility in one direction versus the other

• They've been active in EUR/USD and GBP/USD option markets on Friday

• They hold a strong premium for USD calls over puts in both currency pairs

• Suggests markets remain more wary of further USD gains, than losses, for now

• EUR/USD 1-month 25 delta risk reversal trades 0.6, 0.55 USD calls over puts

• 3-month 25 delta traded 0.95 and 3-month 10 delta 1.85 USD calls over puts

• 1-year 25 delta risk reversals traded 1.25 USD calls over puts

• GBP/USD 1-month risk reversals traded 0.55 USD calls/GBP puts on good size

• There was also 2-way flows via 3-month GBP 25 delta risk reversals at 0.9

• Related nL1N3MM0A2nL1N3MM081

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