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One-month risk reversals on AUD/USD, a gauge of calls to puts, fell to -1.428 on Monday to hit the lowest level since Nov. 4. The metric peaked at -0.825 in mid-December, according to data source Reuters. 

The decline represents an increased demand for puts options or bearish bets, which gives the purchaser the right but not the obligation to sell the AUD at a predetermined price on or before a specific date. 

AUD/USD fell nearly 1% to 0.7666 on Monday as the greenback tracked the US treasury yields higher. The pair reached a high of 0.7820 last week and is currently trading near 0.77.