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Overnight Vols At Highest Since Truss Budget Event

EURGBP
  • EURGBP overnight vols add to yesterday's gains as the market captures the potential fallout from both the ECB and BoE decisions later today. Implied vols are now either side of 17 points, and the highest level since the Truss budget event in September/October last year.
  • ATM straddle now breaks even on a swing of ~65pip swing in the cross, a move that would put EUR/GBP at fresh multi-month highs (narrowing the gap with 0.9266 resistance) or, alternatively, on track to test 0.8845 Fibonacci support.
  • Cross is currently pinned between relatively small expiries at 0.8900(E187mln) and 0.8925(E150mln), with greater interest at 0.8840 at Friday's NY cut (E673mln) and 0.8850 on Tuesday (E521mln).
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