FX Options & Macro Sentiment

FX markets are moving, but not always in sync with what options are telling us. Some pairs are grinding higher on momentum alone, while others are showing quiet hedging pressure that belies the spot moves. The real story isn’t just in the charts, it’s in the gap between price action and what traders are willing to pay for protection.

Below, I break down how euro, yen, sterling, and the commodity currencies are trading across spot, momentum, and options, and highlight where futures positioning looks most compelling.

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