NZDUSD fails to cheer the US dollar weakness during early Thursday as it stays pressured around the intraday low of 0.5865 heading into the European session.

In doing so, the Kiwi pair takes clues from the options market, as well as downbeat signals from the Reserve Bank of New Zealand (RBNZ).

That said, the one-month RR of the NZD/USD pair, the key options market gauge, braces for the biggest weekly loss in six while printing the -0.025 figure. It’s worth noting that the RR is the difference between the call options and the put options and hence indicates the market’s bias.

It should be noted that the daily RR, however, snaps a two-day downtrend with a +0.065 figure and challenges the NZDUSD bears.

On a different page, Reuters said, “The New Zealand central bank's dramatic easing in monetary policy was largely warranted over the COVID-19 pandemic, but with hindsight policy tightening should have occurred earlier in 2021, an internal report released by the bank on Thursday found.”

Also read: NZDUSD Price Analysis: Bears in control with eyes on daily trendline