One-month risk reversal (RR) of USD/TRY, a gauge of calls to puts, retreats to 0.050 after jumping the most since March 23 the previous day, per the latest data from Reuters.

The receding bullish bias of the options market could be linked to the cautious sentiment ahead of Thursday’s Central Bank of the Republic of Turkey (CBRT) monetary policy meeting decision.

It’s worth noting, the Turkish central bank surprised markets with 200 basis points (bps) of a rate hike in the last meeting and is expected to announce a 100 bps cut to the benchmark rate tomorrow.

That said, the USD/TRY prices refreshed the record top to $10.39, around $10.36 during Wednesday’s Asian session.

Read: USD/TRY continues surge, nearly hits 10.40, as lira battered ahead expected CBRT rate cut