• Big gains for FX volatility premium last week nL2N2KZ0K8, setbacks limited

• Cable's benchmark 1-month implied volatility up 3.0 from mid Feb low to 9.5

• Minor setback to 8.8 meets buyers - perceived risk of more actual volatility

• Risk reversals added premium for GBP puts over calls last week, and hold it

• 1-month 0.4 to 0.9 - new 2021 high - shows downside GBP fears remain high

• UK budget Wed's, Fed speakers, and U.S jobs data all add to near-term risk

  
  

  
  

  
  

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