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The expert panel of President Andrzej Duda, who had been re-working the FX mortgage conversion proposal have given interviews individually to the media, which have clarified certain points.
The final proposal is still not ready of course, and there are a fair number of competing ideas from which it will be drafted.
EURPLN has been consistently slumping from the highs of 4.4574 to the current 4.3332 levels, broken major supports by slipping below DMAs.
Leading and lagging indicators are converging to the ongoing price declines.
Use a Bear Put Spread over a naked long put as ATM puts are overpriced (trading more than 50% of NPV but IV is just a tad below 7%)and this huge disparity is not conducive for the prevailing underlying spot FX which is only expected to move marginally lower in the weeks to come.
Thus, go long in 1M (1%) in the money 0.61 delta put and simultaneously, short 1M (1%) out of the money put with theta closer to zero for net debit.
Maximum Loss: Limited to the extent of initial premium paid.
Maximum Gain: Limited to the difference between Strike Price – Initial Premium Paid.
Breakeven Point: Long Put Strike Price – Initial Premium Paid.
