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EUR Vols Climbing Ahead of ECB Decision

  • Front-end vols across both EUR and GBP are climbing, with overnight implieds for both EUR/USD and GBP/USD at fresh 2022 highs. Moves come ahead of rate decisions from both the ECB and the Bank of England, at which both committees will be quizzed on their tightening plans for this year in the face of hot inflation.
  • EUR/USD has drifted back below the 1.13 handle, with GBP/USD either side of 1.3550. The USD is reversing the last few sessions of weakness, most evidently against the JPY, with USD/JPY nearing yesterday's highs of 114.80 despite the late pullback in US equities.
  • EUR/CHF is extending the recovery off the late January multi-year lows of 1.0300, topping the 50-dma at 1.0405 ahead of NY hours. 1.0441 marks next resistance - the Jan31 high.
  • Outside of the ECB, BoE decisions, central banks remain in focus, with new Fed nominees Raskin, Cook and Jefferson appearing in front of lawmakers. Markets will look to gauge their views on policy in the new inflationary environment post-COVID.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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