• AUD/USD options show ongoing demand for upside strikes - 0.6700 popular

• Suggests traders seen potential for more AUD/USD gains over coming months

• Option risk reversals have seen a dramatic shift since April 2 tariffs

• Downside strikes spiked to 5-year highs over upside strikes in early April

• A full retracement sees downside strikes now trading lowest levels in a year

• Implied volatility setbacks meet demand before pre April 2 tariff lows
AUD/USD option risk reversals


AUD/USD FX option implied volatility

(Richard Pace is a Reuters market analyst. The views expressed are his own)