• Overnight expiry FX options included the BoE rate decision from Wednesday

• There was no change to the price of overnight expiry GBP options Tues-Wed

• Implied volatility was 14.0 - premium/breakeven 73 USD pips either direction

• However, Overnight expiry is now Friday and therefore includes U.S. NFP

• That's lifted overnight expiry implied volatility to 17.0 or 89 USD pips

• Market fully pricing 25bps cut to 4.5% on Thursday with an 8-1 vote

• Related comment
Overnight expiry GBP/USD implied volatility

(Richard Pace is a Reuters market analyst. The views expressed are his own)