Euro risk indicators are picking up ahead of the French second round election

The general feeling is that the second round is a almost a done deal but traders are still taking short term hedges
We’ve been watching the options vols for EURJPY recently as that was where we saw a lot of first round hedging. The 1 month at the money option vols haven’t been pointing to anything happening so I drilled it down to 1 week vols and there is some movement there.