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EUR/USD risk reversals pulled back from highest since July 2017 on Wednesday as the spot registering notable losses for the first time since Feb. 20.

One-month risk reversals (EUR1MRR), a gauge of calls to puts, fell to 0.45 from Tuesday’s print of 0.675. 

A positive number indicates the implied volatility premium or demand for calls is stronger than that for puts. 

So, a pullback from 0.675 to 0.45 represents a weakening of demand for calls. That said, the bullish bias is still quite strong compared to the negative or bearish reading of -0.55 observed on Feb. 18.