• 2-week expiry captured May 3/4 Fed/ECB policy announcements from Thursday

• Related EUR/USD implied volatility higher to flag additional volatility risk

• From 2023 lows around 7.0 prior, 2-week implied vol now quoted around 8.4

• 2-week daily historic volatility (fair value measure) is 7.5

• Premiums not excessive, but do warn traders against complacency

• Huge 40-billion euros of 1.09-1.11 strike expiries prior, can help contain

• 1-month expiry implied volatility at long term low may be potential value

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