This Week In Futures Options

TWIFO 179: DIRECTIONALLY INTIMIDATING CRUDE AND AGS HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CME HOTSEAT GUEST: ADAM WEBB, FOUNDER OF MACROHEDGED WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS THIS WEEK? WTI OPEC MEETING BEGINS - OPEC AND ALLIES AGREE TO DEEPEN OIL OUTPUT CUTS OPECWATCH TOOL - https://www.cmegroup.com/trading/energy/cme-opec-watch-tool.html THERE'S NO DREAMY UPSIDE TO BE FOUND IN CRUDE RIGHT NOW.  AGS SOYBEAN MEAL: DECENT OPTIONS VOLUME - ABOUT 40K ON THE TAPE THIS WEEK SRW: AKA SOFT RED WINTER WHEAT (AKA CHICAGO WHEAT) - ABOUT 80K CONTRACTS ON THE TAPE THIS WEEK CLASS 3 MILK: TRADING A WHOPPING 7500 CONTRACTS THIS WEEK EQUITIES TRADE WAR OPTIMISM LIFTING MARKETS, CRUSHING VOLATILITY VIX: 14.75 - UP 1 VVIX: 99 - UP 3.25 FROM LAST SHOW RVX: 18.50 - UP 1.75 FROM LAST WEEK  VIX/RVX SPREAD: 3.75 - WIDER THAN LAST WEEK FUTURES OPTIONS FEEDBACK QUESTION FROM JACKSON KNIGHT: WHY IS IT SO HARD TO TRADE FUT OPTS WITH MOST MAJOR BROKERS IN 2019? SEEMS LIKE ITS STILL 2009 FOR A LO

HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CME HOTSEAT GUEST: RUSSELL RHOADS, TABB GROUP WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS THIS WEEK? RATES Eurodollars   FedWatch Tool - https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html   WTI   HOW ARAMCO IPO WILL CHANGE OIL DYNAMICS by Blu Putnam   AGS CORN Demand helps turn corn market green, soybeans turn lower EQUITIES Talking Russell2000 with Russell Rhoads TRADE WAR OPTIMISM LIFTING MARKETS, CRUSHING VOLATILITY VIX 13.75 - ALMOST UNCHD  FROM LAST SHOW VVIX: 95.75 - UP 1 FROM LAST SHOW RVX: 16.74 - DOWN .01 FROM LAST WEEK  VIX/RVX SPREAD - 3 - EXACTLY THE SAME AS LAST WEEK METALS Looking at Lower Gold Prices FUTURES OPTIONS FEEDBACK COMMENT FROM RCOUT: Corn baby! COMMENT FROM EKG3: What are some of the biggest futures options markets outside of the u.s.? QUESTION FROM ELLIOTT: Why do some products do large futures volume but small options volume? Doesn’t one usually lead to the other?  

TWIFO 177:  HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CO-HOST: SEAN SMITH, MD OF DERIVATIVES LICENSING, FTSE RUSSELL  GUEST: RICK ROSENTHAL - DIRECTOR OF BUSINESS DEVELOPMENT, FTSE RUSSELL INDICES - Cboe WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS THIS WEEK? EQUITIES TRADE WAR OPTIMISM LIFTING MARKETS, CRUSHING VOLATILITY VIX: 13.75 - UP 1.35 FROM LAST SHOW VVIX: 95.75 - UP 6.75 FROM LAST SHOW RVX: 16.75 - UNCHD FROM LAST WEEK  VIX/RVX SPREAD: 3 - MUCH TIGHTER THAN LAST WEEK FUTURES OPTIONS FEEDBACK (FULL EPISODE) QUESTION FROM LIKEME: How do I create the movers and shakers report that starts the show each week. Also - can I get some burgers?  COMMENT FROM INGENUOUS: I love the network and twifo is my favorite show. I tune in every week. No one else talks small cap vol let alone crude and metals vol. It’s a must-listen! QUESTION FROM NICO: Why does eurodollar trade so many options? QUESTION FROM HOYLER: How far out can I trade russell 2000 options? How is liquidity beyond one year? QUESTI

HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CO-HOST: SEAN SMITH, MD OF DERIVATIVES LICENSING, FTSE RUSSELL WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS THIS WEEK? WTI POTENTIAL TRADE WAR END GIVES LIFT TO CRUDE THE RETURN OF GLOBAL DEMAND DRIVING UP PRICES CRUDE PRODUCTION SHIFTING TO SHORTER TERM? NAT GAS Ready For NatGas' Biggest Bull Market This Year? The biggest bull market of the year in natural gas is shaping up, with huge stakes riding on an intense freeze forecast in the eastern two-thirds of the United States — the country’s most-closely watched heating market. EQUITIES TRADE WAR OPTIMISM LIFTING MARKETS, CRUSHING VOLATILITY VIX 12.4 - DOWN 1 VVIX: 89 - UP 1 FROM LAST SHOW RVX: 16.70 - DOWN .7 FROM LAST WEEK  VIX/RVX SPREAD - 4.3 - EVEN WIDER THAN LAST WEEK FX EURODOLLAR OPTIONS FUTURES OPTIONS FEEDBACK QUESTION FROM LLJ: What are the tickers for the russell 2000 buywrite indices? QUESTION FROM YTI97: Are the puts in rut options more bid than the similar term puts in s&p

HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CO-HOST: SEAN SMITH, MD OF DERIVATIVES LICENSING, FTSE RUSSELL WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS THIS WEEK? RATES FED CUTS RATES FOR THIRD TIME THIS YEAR FED CUT BY A QUARTER POINT WAS EXPECTED BY THE MARKET - FEDWATCH TOOL WAS AT 95% QUESTION FROM NEIL: What is fedwatch saying now about cut in Dec? QUESTION FROM NTILL: Did you guy see the recent issue with eurodollar quotes? Maybe this is what’s driving some of the volume in the options lately? RE: THIS STORY - Futures Exchange Reins In Runaway Trading Algorithms     EQUITIES DOUBTS ON THE TRADE DEAL SPOOK THE MARKET IN THE WAKE OF FED DECISION VIX 13.35 - UP .35 VVIX: 86.5- UNCHD FROM LAST SHOW VXX: 19.95 - NEARLY UNCHD FROM LAST SHOW  RVX: 17.40 - DOWN .3 FROM LAST WEEK  VIX/RVX SPREAD - 4.05 - SLIGHTLY WIDER THAN LAST WEEK WTI Oil falls 1% as US inventory rises NAT GAS Natural Gas Experts: 'Follow The Money, Forget The Cold'  METALS Gold futures climb above $1,500 to log highes

 TWIFO 174: Dairy Action And Mysterious Metals Skew HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CME HOT SEAT GUEST: RUSSELL RHOADS, TABB GROUP WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS THIS WEEK? DAIRY MARKET ? EQUITIES MARKET BACK IN RALLY MODE.  VIX: 13.8 - DOWN .5PTS FROM LAST SHOW  VVIX: 86.5- DOWN 3 FROM LAST SHOW VXX: 20.6 - DOWN .2 FROM LAST SHOW  RVX: 17.68 - ALMOST UNCHD FROM LAST WEEK  VIX/RVX SPREAD: 3.9 - SLIGHTLY WIDER THAN LAST WEEK CRUDE OIL ? METALS Gold and Silver Options Pointing to a Pullback? by Erik Norland CRYPTO ? FUTURES OPTIONS FEEDBACK QUESTION FROM TIM: Can we get some FX heading into Brexit? QUESTION FROM NILES: What is fedwatch telling us ahead of fomc? Any surprises? QUESTION FROM TLLET: Does a high call skew always mean rally ahead?

HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CME HOT SEAT GUEST: SEAN SMITH, MD OF DERIVATIVES LICENSING, FTSE RUSSELL WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS THIS WEEK? RATES Eurodollar EQUITIES   MARKET BACK IN RALLY MODE.  VIX 13.90 - DOWN 1.1PTS FROM LAST SHOW  VVIX: 92.5- DOWN 3.5 FROM LAST SHOW RVX: 17.75 - DOWN 4.15 FROM LAST WEEK  VIX/RVX SPREAD - 3.8 - NEARLY A POINT WIDER THAN LAST WEEK   NAT GAS AGS Wheat Oats Corn CRYPTO FUTURES OPTIONS FEEDBACK QUESTION FROM TWENTY9: Why is physically deliverable crypto such a big deal? QUESTION FROM DWITE: Have you guys talked about iron ore on the show? If not can you add it to the rotation since it’s moving. Thanks so much.  QUESTION FROM CHUCK MENDEZ: Why do you think there’s so much downside put paper in russell 2000? QUESTION FROM ELE5: Why are there no more rvx options? 

HOST: Mark Longo, The Options Insider Media Group CME HOT SEAT GUEST: ANDREW GIOVINAZZI, THE OPTION PIT WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS THIS WEEK? Seven Themes to Ponder as We Head for 2020 by Bluford Putnam  RATES EQUITIES   MARKET BACK IN RALLY MODE.  VIX BACK OVER A 20 HANDLE ON TUES - HIGH OF 20.30 on WEDS.  VIX 18 - UP 1 PT FROM LAST SHOW  VVIX: 100- UP 3.5 FROM LAST SHOW RVX: 21.90 - UNCHD FROM LAST WEEK    VIX/RVX SPREAD - 2.9 - MUCH TIGHTER THAN LAST WEEK NAT GAS   Natural-Gas Producers Hard Hit by Tanking Prices   METALS Is Gold About to Outperform Equities? By Erik Norland October 1, 2019  FUTURES OPTIONS FEEDBACK QUESTION FROM Barrett Wade @BarrettWade3 - Hey there. Do you guys have a rule of thumb to keep from overpaying for an option? QUESTION FROM TOMLIAM: Are commodity names where the call skew is very high good candidates for covered call writing?

HOST: Mark Longo, The Options Insider Media Group CO-HOST: Sean Smith, MD - Derivatives Licensing, FTSE Russell   CME HOT SEAT GUEST: Derek Sammann, Senior Managing Director, Global Head of Commodities & Options Products at CME Group WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS THIS WEEK? EQUITIES   VIX BACK OVER A 20 HANDLE ON WEDS. HIGH OF 21.40 on WEDS.  VIX 19.5 - UP 3. FROM LAST SHOW  VVIX: 100 - UP 1 FROM LAST SHOW VXX: 26 - UP 2.3 FROM LAST SHOW RVX: 21.90 - UP .9 PTS FROM LAST WEEK  VIX/RVX SPREAD - 2.4 - MUCH TIGHTER THAN LAST WEEK SEAN - ANY INTERESTING RUSSELL DEVELOPMENTS/STUDIES? RUSSELL 2000 FOCUS PANEL - ANY TAKEAWAYS ANY INTEREST FROM EUROPEAN CLIENTELE ON U.S. SMALLCAP STOCKS? SOME INTERESTING NUGGETS FROM CBOE ON RVX       Research by Blu Putnam - Seven Themes to Ponder as We Head for 2020 CRUDE Rogue Oil Trader Causes $320 Million Loss at Mitsubishi Corp. Unit METALS Research by Erik Norland - Is Gold About to Outperform Equities? FUTURES OPTIONS FEEDBACK QUESTION FROM E

HOST: Mark Longo, The Options Insider Media Group   CO-HOST: Sean Smith, MD - Derivatives Licensing, FTSE Russell   CME HOT SEAT GUEST: Tim McCourt, MD - GLOBAL HEAD OF EQUITY PRODUCTS, CME Group   WHAT WERE THE MOVERS AND SHAKERS IN FUTURES OPTIONS THIS WEEK? EQUITIES   IMPEACHMENT VOL PREMIUM IS IN THE AIR.  VIX 16.85 - UP 1.7 FROM LAST SHOW  VVIX: 101.5 - UP 1 FROM LAST SHOW RVX: 21 - UP 2.3 PTS FROM LAST WEEK  VIX/RVX SPREAD - 4.15 - MUCH TIGHTER THAN LAST WEEK SEAN - ANY INTERESTING RUSSELL DEVELOPMENTS/STUDIES FROM RMC? RUSSELL 2000 FOCUS PANEL - ANY TAKEAWAYS ANY INTEREST FROM EUROPEAN CLIENTELE ON U.S. SMALLCAP STOCKS? ANY INTEREST IN RVX FROM EUROPE?       THE RETURN OF CRYPTO   Recorded interview with Tim McCourt - CME Group    

HOST: MARK LONGO, OPTIONS INSIDER MEDIA GROUP CME HOT SEAT GUEST: RUSSELL RHOADS, TABB GROUP WHAT WERE THE TOP 10 CME OPTIONS ON FUTURES YEAR TO DATE/AUGUST? CRUDE OIL  A historic week for crude oil!  IRANIAN STRIKES DESTROYED A SUBSTANTIAL AMOUNT OF SAUDI PRODUCTION - APPROX 5% OF GLOBAL OUTPUT.  AGS September Crop Report Shows Slight Yield Declines Both corn and soybean production down.  EQUITIES MARKETS RECOVERED FROM SAUDI OIL ATTACK - SPOOKED BY THE FED THOUGH  VIX 13.35 - DOWN 1.5 FROM LAST SHOW  VVIX: 96.6 - DOWN 4 FROM LAST SHOW VXX: 21.8 - DOWN 1.6 FROM LAST SHOW  RVX: 18.70 - UNCHD FROM LAST WEEK  VIX/RVX SPREAD - 5.4 - EVEN WIDER THAN LAST WEEK BIG RUSSELL 2000 PRINT THIS WEEK - WEEK 3 NOV 1500 PUTS METALS Will the Fed decision lift gold? FUTURES OPTIONS FEEDBACK  QUESTION FROM RETRIBRAND: What is the most interesting cme product from a skew perspective? QUESTION FROM ELY: Checking out the OIR back catalog and came across the early episodes of TWiFO. My how the commodity landscape has chan

HOST: MARK LONGO, OPTIONS INSIDER MEDIA GROUP CO-HOST: NICK HOWARD, BANTIX TECHNOLOGIES CME HOT SEAT GUEST: ADAM WEBB, FOUNDER OF MACROHEDGED WHAT WERE THE MOVERS AND SHAKERS THIS WEEK? CRUDE OIL  Oil prices fall after OPEC+ talks, ECB rate cut AGS TRUMP TWEET MOVING AG MARKETS RAN INTO A LISTENER YESTERDAY WHO ASKED FOR MORE AG OPTIONS CONTENT ON THE SHOW.  SOYBEANS Ahead of trade talks, China makes biggest U.S. soybean purchases since June - traders Illinois soybean farmers fear Trump tariff damage will be permanent  EQUITIES MARKETS BACK IN RALLY MODE AFTER A CRAZY WEEK  VIX: 14.15 -  DOWN 1.15 FROM LAST SHOW  VVIX: 95.5 - UP 2.35 FROM LAST SHOW VXX: 23.4 - DOWN 1.1 POINTS FROM LAST SHOW  RVX: 18.70 - DOWN 1.5 PTS FROM LAST WEEK  VIX/RVX SPREAD:  4.65 - EVEN WIDER THAN LAST WEEK FUTURES OPTIONS FEEDBACK  QUESTION FROM CLC: Which contract has the steepest bid for puts in the S&P emini? QUESTION FROM TENDA: Can you do some deeper dives into ag options on the program. I love this show. There'

HOST: MARK LONGO, OPTIONS INSIDER MEDIA GROUP CME HOT SEAT GUEST: ANDREW GIOVINAZZI, OPTION PIT WHAT WERE THE MOVERS AND SHAKERS THIS WEEK? TOP 5 - IT’S METALS WEEK! EQUITIES MARKETS BACK IN RALLY MODE AFTER A CRAZY WEEK  VIX 15.75 - DOWN 2.5 FROM LAST SHOW  VVIX: 95 - DOWN 6.5 FROM LAST SHOW VXX: 25.3 - DOWN 1.7 POINTS FROM LAST SHOW  RVX: 20.2 - DOWN 1.2 PTS FROM LAST WEEK  VIX/RVX SPREAD - 4.5 - MUCH WIDER THAN LAST WEEK METALS Silver Gold  CRUDE OIL  FUTURES OPTIONS FEEDBACK  QUESTION FROM DEREK: What is the best way to play the increasing divergence in volatility between russell 2000 and emini? QUESTION FROM TEATIME: Thoughts on current gold/silver ratio? One can clearly see that silver is outperforming gold by looking at the gold silver spot ratio. Currently it is at 79, which means each ounce of gold is the equivalent of 79 ounces of silver.

HOST: MARK LONGO, OPTIONS INSIDER MEDIA GROUP CO-HOST: SEAN SMITH, FTSE RUSSELL WHAT WERE THE MOVERS AND SHAKERS THIS WEEK? EQUITIES MARKETS BACK IN RALLY MODE AFTER A CRAZY LAST WEEK  VIX 18.25 - DOWN 2.5 FROM LAST SHOW  VVIX: 101.5 - DOWN 9 FROM LAST SHOW VXX: 27 - DOWN 1.5 POINTS FROM LAST SHOW  RVX: 21.40 - UP 1.3 PTS FROM LAST WEEK  VIX/RVX SPREAD - 3.15 UNCHD FROM LAST WEEK WHAT’S GOING ON WITH THE RUSSELL 2000? METALS Silver Gold  CRUDE OIL  FUTURES OPTIONS FEEDBACK  QUESTION FROM JANISUS: Do you agree with eric’s assertion on the last show that volatility is returning across all asset classes? QUESTION FROM HJ76: Why is Russell 2000 getting beaten up so badly lately? What are the options volatility and skew predicting going forward? QUESTION FROM GARY: Great chat with the crypto mom! I’m loving this network. After speaking with her what do you think our chances are of seeing options and an etf in the near future? QUESTION FROM MIGHTY TACO: What determines a shift vs. a slide on a skew curve?

HOST: MARK LONGO, OPTIONS INSIDER MEDIA GROUP WHAT WERE THE MOVERS AND SHAKERS THIS WEEK? EQUITIES VIX 17 - UNCHD FROM LAST SHOW  VVIX: 100 - DOWN 3 FROM LAST SHOW VXX: 25.8 -  DOWN .7 POINTS FROM LAST SHOW  RVX: 20.1 - DOWN 4.1 PTS FROM LAST WEEK  VIX/RVX SPREAD - 3.1 WIDER BY .5 POINT FROM LAST WEEK Is Higher Volatility Making a Comeback? METALS Gold Option Volatility May Have Hit Bottom and Could Begin Trending Upward. CRUDE OIL  Oil rises further above $60, Jackson Hole summit in focus. FUTURES OPTIONS FEEDBACK  QUESTION FROM JACKTI: Can you do a rundown of GBP/USD option activity from this week. Thanks for this program. I wish it was every day.  QUESTION FROM AVALANCHE: What’s up in the wheat pit these days? Big volume with the trade war? Put love? Call love? QUESTION FROM TLTT: Have we seen any more love to wti skew given recent price rally?

HOST: MARK LONGO, OPTIONS INSIDER MEDIA GROUP CO-HOST: SEAN SMITH, FTSE RUSSELL CME HOTSEAT GUEST: RICK ROSENTHAL - DIRECTOR OF BUSINESS DEVELOPMENT, FTSE RUSSELL INDICES - Cboe EQUITIES VIX  21.60 - UP 4 FROM LAST SHOW  VVIX: 113 -  UP 13 FROM LAST SHOW RVX: 24.25 - UP OVER 3.5 PTS FROM LAST WEEK VIX/RVX SPREAD - 2.65 - TIGHTER BY .35 POINT FROM LAST WEEK EARNINGS SEASON DRIVING MORE VOLUME IN MICRO EMINI FUTURES WHAT WERE THE MOVERS AND SHAKERS THIS WEEK? CRUDE OIL  OIL FALLS AGAIN TODAY AFTER TAKING A DRUBBING YESTERDAY AGS  CORN ANNIHILATED THIS WEEK FUTURES OPTIONS FEEDBACK  QUESTION FROM DORN2: Any updates on premium harvesting strats in the russell 2000 right now? - Is put selling still the way to go? QUESTION FROM ITMTIM: Has RVX ever dipped below VIX? Thx for such a fun show. Especially enjoyed the recent #hoglove.  QUESTION FROM PRIME3: Are there any plans to bring back RVX? Seems like a great time to have a product on russell 2000 volatility? QUESTION FROM NELLY:  Does the big recon have a

HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CRUDE OIL Down 10% on the week coming into Thursday.  That followed a session in which the futures closed at $51.09 a barrel, the lowest level since Jan. 14. Futures fell as much as 5.8% Wednesday to seven-month lows after American crude stockpiles posted a surprise increase. The loss sent the resource tumbling into bear market territory. Having extra supply dilutes prices, while fears of a global recession added to worries that demand may slow.   EIA Lowers World Oil Demand Forecast Again Oil Regains Ground as Saudis Discuss Crude-Market Intervention METALS - GOLD Good week - Up 5.21% coming into Thursday. Gold's ride hinges on rates. For gold prices to head for $1,600 or higher, it will take a few more rate cuts from the Fed. Global tensions still matter for gold, but with the trade war in play, global tensions are now correlated with economic expectations and, thus, rates. METALS - SILVER Silver is having another rock'em sock'em week. Silver prices b

HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CO-HOST: SEAN SMITH, FTSE RUSSELL EQUITIES VIX  17.65 (13.90) - UP NEARLY 4.5 FROM LAST SHOW -  HIT A HIGH OF 15.44 EARLIER THIS WEEK VVIX: 106 (91.5) -  UP 21 FROM LAST SHOW RVX: 19.65 (17.15) - 15.80 -  UP 3.85  VIX/RVX SPREAD - 2 (3.25) - TIGHTER BY .75 (wider by half a point from last week) Earnings season driving more volume in micro e-mini futures. Micro E-mini Equity futures traded a record high of 919.6K contracts ($13.5B notional) on July 31 as market participants looked to efficiently manage risk amid the FOMC rate cut announcement. Russell US Equity Indices Reconstitution Results The Reconstitution event itself culminated in one of the highest trading volume days in US equity shares in the last year.  The Nasdaq Closing Cross, for instance, witnessed a record 1.279 billion shares, worth $42.59 billion, executed within 1.14 seconds2. Russell 3000® market capitalization hit an all-time high of $31.7 trillion on Reconstitution day, up 3% from a ye

TWIFO 161: Crude Skew and other Mysteries HOST: MARK LONGO, OPTIONS INSIDER MEDIA GROUP CO-HOST: NICK HOWARD, BANTIX TECHNOLOGIES CME HOTSEAT GUEST: ADAM WEBB, Founder of Macrohedged  CRUDE OIL Oil ends lower as support from storm-fueled, 11 million-barrel drop in U.S. crude supplies disappears Oil futures settled lower on Wednesday, as support from a storm-induced, 11 million-barrel drop in U.S. crude supplies wore off and traders turned their attention back to concerns about weaker energy demand. U.S. crude inventories dropped by 10.8 million barrels for the week ended July 19, according to data from Energy Information Administration Wednesday, and production also edged lower, with analysts citing temporary disruptions caused by a Gulf of Mexico storm earlier this month.   METALS GOLD Gold prices have lost their good gains seen earlier in the session and in overnight trade, following some stronger-than-expected U.S. economic reports. Reasons Gold trade  Skew was over done  Could get size on  Limited

TWIFO 160: All The Research You Could Ever Need HOST: MARK LONGO, OPTIONS INSIDER MEDIA GROUP CME HOTSEAT GUEST: ERIK NORLAND - EXECUTIVE DIRECTOR AND SENIOR ECONOMIST, CME GROUP FX Brexit: Pound Set For Volatile Fall after Calm Summer? Options traders see a calm summer but volatile fall for GBPUSD. Implied volatility is far below 2016 levels. Options skewness is negative, especially for this fall, but not exceptionally so. A great deal of bad news has been priced into the pound. SONIA futures have abandoned hopes for the BoE rate hike, now suggest a cut is more likely. If U.S. Dollar Weakens, Who Benefits? The U.S. dollar could weaken because of bigger deficits, lower rates and slower growth. British pound may be undervalued because of Brexit and susceptible to a long-term rally. It may be hard for central banks to further devalue Euro, Swiss franc and Yen. Among emerging market currencies, the low-debt, not-commodity-dependent Indian rupee may be a winner. The Renminbi might follow USD downward. Iron ore an