NZD/USD risk reversals continue retracing put bias

• NZD/USD one-month 25 delta risk reversals show falling demand for bearish bets.

The one-month 25 delta risk reversals (NZD1MRR) are being paid at 0.675 NZD puts vs. 1.30 NZD puts seen on Feb. 9.

The drop in the implied volatility premium for NZD puts indicates a drop in demand for the bearish bets. It also adds credence to NZD/USD's rally from 0.7186 (March 1 low) and 0.7316 (today's high).

NZD1MRR