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Implied Volatility Subdued Despite US Debt Ceiling Impasse


1 Month Implied volatility in FX markets, measured using the JP Morgan G-10 Volatility Index, have ticked away from year to date lows but remain subuded.

  • The index prints at 8.60%, having printed its lowest level since March 2022 in mid-May at 7.78%.
  • Option markets remain calm with vol well below elevated levels seen in the wake of the SVB crisis despite the impasse over the US debt ceiling and sticky inflation across G-10 markets.

Fig 1: JP Morgan G-10 Volatility Index

Source: JP Morgan/MNI/Bloomberg

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