FXstreet.com (Barcelona) - Are we in the midst of policy vacuum? Nomura FX team thinks so. Failure to ease market concerns - other than the indirect Spanish bailout - and since the ESM is still not operating, Nomura thinks "these factors suggest we are moving from a period of broad-based euro weakness and stable risk premia to euro weakness against the dollar and also rising global risk premia" Nomura informed to its clients, suggesting "USD vol could be driven higher" the bank expands. At present Nomura sees FX vol being relatively cheap. Furthermore, "risk reversals are at relatively favourable levels to buy USD calls. Hence, we have bought vol by purchasing USD calls against EUR, GBP and CAD."