With the never-ending Brexit saga garnering all the headlines, volatility in EUR/USD has dried up. The 3-month implied volatility reading for the world’s most-traded currency pair dropped below 5.60% today, its lowest reading in five years. In addition to the typical lethargic pre-weekend trade, over €4B in expiring options were struck between 1.1285 and 1.1325, creating a big incentive for certain players to keep the single currency in a limited range against the greenback today. Despite the subdued volatility, EUR/USD is quietly working on its fifth rally in the six days since last week’s ECB meeting. The move was ... (full story)