FX option markets show a consistent stream of 1.1900 EUR put buyers of late

Would allow holders to sell EUR/USD at 1.1900, if it were below at expiry

Options to sell EUR/USD trade a premium to those that allow holders to buy

Shows dealers perceive EUR/USD's downside more vulnerable than upside

1-month risk reversals show EUR puts trade 0.2 vol premium over calls

Implied volatility/option prices elevated before FOMC Wednesday

However, not expensive - a hedged option risks minimal loss nL8N2LD3YD

For more click on FXBUZ