• NZD/USD options were primed for post RBNZ NZD/USD fx volatility and got some

• NZD/USD from early 0.6094 low to 0.6152 post RBNZ, setback to 100-dma 0.6114

• RBNZ hawkish hold (higher for longer rates) should limit NZD setbacks

• Implied volatility drop reflects lower realised volatility risk post RBNZ

• 1-week NZD/USD implied volatility 8.5 to 7.5, 1-month 8.7 to 8.35

• 1-month implied volatility nears lower end of 10.5 - 7.6 2024 range

• Past 1-month realised volatility at 9.0 may limit deeper implied vol loss

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