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IRZ1 Lifted

FOREX: Spot markets were slow to react to the gyrations in equities and bonds
earlier in the week, but FX options markets certainly took notice: GBPUSD 1m
implied volatility rose to 12month highs, while USDJPY and EURUSD implied vol
levels shot higher also. With generally firmer equities (S&P closed higher by
1.7% yesterday, Eurostoxx up 0.7% in early trade) and more stable bond markets,
implied vols have abated somewhat but have someway to go before retracing back
to last week's levels. USD/JPY 1m risk reversals fell sharply earlier this week
and are yet to pull back much of the decline early Wednesday. 
MNI London Bureau | +44 203-865-3809 |