• Benchmark 1-month option implied volatility gains reflect data and Fed risk

• However, 1-week implied vol steady 7.7 - within 7.0/8.0 range since Feb 15

• Shows lower risk of volatility or extended FX losses in very short term

• Option risk reversals haven't yet added premium for EUR puts/USD calls

• That could suggest the risk of deeper EUR/USD declines hasn't yet increased

• Option barriers tipped 1.0500 and 1.0450 and 1.0482 is years low/supports

• Expect threat/break of those levels to boost aforementioned option premiums

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