USD/RUB: Options market turns most bullish in eight years

One-month risk reversal (RR) of USD/RUB, a gauge of calls to puts, marked the biggest weekly jump in the last week since December 2014, per the latest options market data from Reuters.

Not only the weekly RR figure of +3.22 but the daily gauge of the options market also rose four times in the last six days, with the latest daily number being +2.70 during Monday’s Asian session.

It’s worth noting that the options market keeps a bullish bias for the USD/RUB but the overbought RSI conditions recently triggered the pair’s pullback from a record high marked on February 24 around 90.00.

That said, the quote takes rounds to 83.50 as traders await more clues on the Ukraine-Russia tussles ahead of the European session.

Read: USD/RUB eyes a gap-up on Monday ahead of Putin-Zelenskyy negotiations