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NZD/USD one-month 25 delta risk reversals (NZD1MRR) are currently trading at -1.1 in favor of put options (bearish bets).

That is the lowest level in over four months, meaning the demand or implied volatility premium for NZD puts is the highest since early January.

Notably, three-month risk reversals have also dropped to a four-month low of -1.225 and so have the risk reversals expiring in six months.