USD/TRY: Options market portray the longest bearish bias since April

One-month risk reversal (RR) of USD/TRY, a gauge of calls to puts, braces for the sixth weekly decline, the longest bearish stretch since April, ahead of Wednesday’s European session.

That said, the weekly figures came in as -0.050 as per the latest data from Reuters. The daily RR, however, remains clueless after snapping the two-day declines the previous day.

It’s worth noting that the options market keeps a bearish bias for the USD/TRY but the charts aren’t favoring the sellers.

On the chart, USD/TRY remains sidelined between a three-week-old horizontal line and 50-DMA, respectively near $13.70 and $13.45.

Read: USD/TRY climbs to multi-day highs near 13.70