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- NZD/USD slides towards 0.6290 support as options market turns most bearish in seven weeks
NZD/USD slides towards 0.6290 support as options market turns most bearish in seven weeks
NZD/USD holds lower grounds near the intraday bottom surrounding the 0.6300 threshold as European traders flex muscles during Wednesday’s early hours.
In doing so, the Kiwi pair traces the options market’s clues as the Risk Reversal (RR), calculated as the difference between call and put options, drops the most since early November 03.
With the daily RR of -0.240 at the latest, the NZD/USD options market snaps consecutive four weeks of bullish signals with the latest weekly RR being negative.
The reason could be linked to the US Dollar’s recovery, as well as downbeat New Zealand trade numbers for November. Additionally, mixed concerns surrounding China and anxiety over the bond market moves seem to also weigh on the NZD/USD prices.
Looking forward, the US Conference Board (CB) Consumer Confidence figures for December, expected at 101.00 versus 100.00 prior, will be important to watch for fresh impulse. Additionally, headlines surrounding China, Japan and bond markets will also be crucial for clear directions.
Also read: NZD/USD seesaws near 0.6350 even as New Zealand trade deficit increases
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