#NZDUSD @ 0.63972 bulls attack 0.6400 on upbeat options market signals
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NZD/USD picks up bids to print mild gains around 0.6395 during the mid-Asian session on Tuesday. In doing so, the Kiwi pair consolidates the biggest daily loss in a week as traders await the US Consumer Price Index (CPI) for November.
That said, firmer prints of the options market barometer, namely the Risk Reversals (RR), also underpin the NZD/USD pair’s latest run-up. It should be noted that the RR the key options market gauge calculated by marking the difference between the call and put options.
The one-month RR of the NZD/USD pair, the key options market gauge, braces for the fourth consecutive weekly gain while printing the 0.020 figure at the latest, the same is the daily RR for Monday.
Although the options market indicator is bullish, the fears of hawkish Fed and softer prints of New Zealand’s Food Price Index for November, to 0.0% versus 0.1% expected 0.8% prior, seem to challenge the NZD/USD buyers of late.
Also read: NZD/USD Price Analysis: Struggles to extend the bounce off 0.6370 support confluence
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