FX vol remains subdued into 2026 on resilient US growth and low central bank activity, but starting levels limit further downside. Policy events in 1Q26 could test this regime, making cheap forward vols over 1Q attractive as portfolio hedges. Beyond that, FXO trade recommendations focus on European growth, Antipodean revival, debasement, carry via options, EUR skew harvesting, selling x-corrs, and leveraging the macro backdrop for efficiency in x-asset directionals.
Speakers
Arindam Sandilya, Global FX Strategy
Ladislav Jankovic, Global FX Strategy
Juan Duran-Vara, Global FX Strategy
Sanjana Shinde, Global FX Strategy
This podcast was recorded on 28 November 2025.
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