AUD/USD follows the G10 FX lead with falling FX option implied volatility
That's consistent with risk appetite and low FX realised volatility outlook
Benchmark 1-month implied vol meets demand low 8's - recent range 7.2-10.0
1-month realised vol and fair value measure for implied settles around 8.5
Suggests value/break-even if AUD/USD FX repeats past months performance
AUD/USD so far unable to clear daily highs from Jan in the low-mid 0.67's
Limits demand for options that would benefit from more AUD/USD gains
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