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GBP & EUR IVs Narrow

EUROPE

While sterling has historically being a higher vol currency relatively the euro, the difference in IV has narrowed sharply post Brexit. 3m cable ATM IV trades at 6.655 down from 2020's pandemic high of 18.9, while the EUR equivalent trades at 5.59 down from 13.1 over the same period. Nonetheless, UK stocks continue to underperform with the sterling rally potentially undermining earnings for the FTSE 100 and compounding the existing Brexit discount (which is likely to linger until the UK-EU trade dynamics have stabilised) and inflation risks.

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