Overall, there are few changes in the Scandi FX volatility sphere from last week, as low and downward-trending realised volatility weighs on implied volatility.
One-month USD/SEK and USD/NOK volatilities are slightly higher as the 1M tenor now covers the US midterm election.
Given the current combination of spot and volatility levels, we would stay on the sidelines for now but look for opportunities to sell EUR/SEK or EUR/NOK calls on higher levels of spot and/or volatility.
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