NZD/USD rose for a second day on Tuesday and traded above 0.5900 after rebounding from Monday’s 0.5850 low. It moved close to multi-week highs near 0.5930.

New Zealand CPI held at 3.1% year on year in Q1, versus a forecast of 2.9%. CPI rose 0.9% quarter on quarter, up from 0.6% in the prior quarter.

Inflation Outlook And Rbnz Policy

Inflation remains above the RBNZ target band of 1% to 3%. The data increased expectations of near-term RBNZ rate rises, alongside improved risk sentiment linked to Middle East developments.

At the time of writing, NZD/USD traded at 0.5914. On the 4-hour chart, RSI was near 62 and MACD was slightly positive.

Resistance is at 0.5930, then 0.5965, with further levels at 0.6000 and 0.6015. Support is near 0.5850, with a further level around 0.5800.

The technical section was produced with help from an AI tool.

Strategy Considerations For Nzdusd

Given the stronger-than-expected inflation data, we should anticipate continued strength in the New Zealand dollar for the next few weeks. The market is quickly repricing the odds of a Reserve Bank of New Zealand interest rate hike to combat this persistent inflation. This creates a clear bullish bias for the NZD/USD pair.

The first quarter inflation reading of 3.1% was a significant surprise, coming in above the 2.9% forecast and remaining outside the RBNZ’s target band. Looking back at similar surprises in 2025, such data points often preceded a multi-week rally in the currency. In contrast, recent US inflation figures have shown a more consistent path downwards towards 2.5%, creating a policy divergence that favors a higher NZD/USD.

Derivative traders should consider buying NZD/USD call options to capitalize on this expected upward move. The technical level of 0.5930 is the immediate hurdle, so a call option with a strike price just above it, perhaps at 0.5950, could be strategic. An expiry date in late May or June 2026 would provide enough time for the pair to test higher resistance around 0.5965 or even the psychological 0.6000 level.

We have observed that speculative positioning has already started to shift, with recent data showing a decrease in net short positions against the Kiwi dollar. This suggests that larger market players are beginning to unwind their bearish bets, which can add fuel to the rally. Implied volatility has increased slightly, so executing trades carefully to manage premium costs is important.

For a more risk-defined strategy, a bull call spread could be employed. This would involve buying a call at a lower strike, like 0.5930, while simultaneously selling a call at a higher strike, such as 0.6000. This approach lowers the upfront cost of the position and provides a clear profit zone if the pair moves higher as we anticipate.

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The US Dollar has fallen back after earlier gains, with the US Dollar Index (DXY) moving towards 98.000. The move comes as markets expect further de-escalation in the Middle East conflict.

There have been recent incidents, including Iran firing on vessels in the Strait of Hormuz and the US taking over an Iranian ship. Despite this, market expectations still point to easing tensions, which is limiting the Dollar’s upside.

Market Focus Shifts To Deescalation

Bloomberg reported there is a good chance of a deal within the next few days that could end the war. The report also said more talks may still be needed on nuclear and military issues, according to officials.

With the Dollar already trading close to levels seen before the late February conflict, a deal may not cause another sharp sell-off. Markets are also watching how quickly traffic through the Strait of Hormuz returns to normal to reduce global energy supply restrictions.

The piece was produced using an AI tool and reviewed by an editor. It was compiled by the FXStreet Insights Team.

We can see how the US dollar reacted to the Middle East tensions in early 2025, where the DXY index quickly gave back its gains as de-escalation was priced in. That event taught us that the dollar’s safe-haven rallies on geopolitical news can be very short-lived if a diplomatic path remains open. The DXY’s return to the 98.00 level back then showed how quickly the market moves on from such events once the immediate threat to energy supplies fades.

Options Strategy In A Lower Volatility Regime

Today, the situation is different, with the dollar index trading much stronger near 105.50, driven more by interest rate differentials than by safe-haven demand. Looking back, the normalization of shipping traffic through the Strait of Hormuz that followed the 2025 agreement was swift, and that pattern should inform our current thinking. We see this reflected in current data, with maritime reports from March 2026 showing shipping volumes through the strait are actually up 4% year-over-year, indicating full confidence in the stability of the region.

This suggests that buying dollar call options purely as a hedge against new geopolitical flare-ups may not be the most effective strategy, as the premium can evaporate quickly. The lesson from last year is that the market sells the rumor of peace even faster than it buys the rumor of war. Given this, traders might consider selling short-dated dollar volatility when tensions rise, anticipating a quick return to the mean.

WTI crude oil prices have also shown this pattern, having stabilized in a narrow range around $85 per barrel for most of this year, a stark contrast to the sharp spike we saw during the 2025 incident. This stability in the energy market further reduces the dollar’s appeal as a primary geopolitical hedge. Therefore, derivative plays should focus more on economic data releases that influence Federal Reserve policy rather than headlines from the Middle East.

With the VIX index currently subdued around 14, implied volatility on currency options is relatively low compared to the peaks of last year. This environment makes it cheaper to position for longer-term trends instead of reacting to short-term news. We should use options to position for shifts in interest rate expectations, as that is the primary driver of the dollar’s valuation in the current climate.

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Gold (XAU/USD) traded below $4,800 in early European dealings on Tuesday, while staying above a one-week low set the prior day. Price moves followed uncertainty over a possible US-Iran agreement and tensions around the Strait of Hormuz after the US Navy seized an Iranian-flagged cargo ship in the Gulf of Oman and Iran again closed the waterway.

Higher crude oil prices raised inflation concerns and supported the US dollar, which weighed on gold. Dollar gains were limited, as CME Group FedWatch showed a 45-50% chance of a Federal Reserve rate cut by year-end.

Geopolitical And Dollar Drivers

US President Donald Trump said US negotiators will travel to Pakistan for another round of talks with Iran to extend a ceasefire due to expire on Wednesday. Iranian officials said they are hesitant about talks during the US blockade, while reports said an Iranian delegation will travel to Islamabad.

Markets watched US-Iran headlines and Fed Chairman-designate Kevin Warsh’s testimony. Traders remained cautious due to mixed drivers.

Gold held above the 200-period EMA at $4,784.25, with added support at the 50.0% retracement level of $4,762.13. RSI was near 51 and MACD was marginally negative.

Support levels were $4,784.25 and $4,762.13, then $4,607.05, $4,415.17, and $4,105.01. Resistance stood at $4,917.21, $5,138.01, and $5,419.25.

Looking back at the situation in 2025, we see the market was caught between US-Iran tensions and the Federal Reserve’s dovish pivot. The closure of the Strait of Hormuz created a spike in oil prices, strengthening the dollar and initially weighing on gold. However, the prospect of Fed rate cuts provided strong underlying support for the precious metal.

2026 Policy And Volatility Setup

Today, on April 21, 2026, the immediate geopolitical crisis has eased, but the monetary policy outlook is far more complex. While the fragile ceasefire from last year did not hold, diplomatic backchannels have kept the Strait of Hormuz open, and OPEC+ production is now holding steady near 43 million barrels per day, capping oil price fears. This has removed a key pillar of support for the US Dollar that was present last year.

The Federal Reserve did indeed cut rates once in late 2025, but recent data shows Consumer Price Index (CPI) inflation remaining sticky at 3.1%, well above the 2% target. Consequently, the CME FedWatch Tool now shows traders pricing in less than a 25% chance of another rate cut this year, a significant shift from the 45-50% chance we saw last year. This creates a headwind for non-yielding gold that did not exist before.

Given this mixed environment, derivative traders should consider strategies that benefit from volatility and a defined range. With gold still caught between those key technical levels, purchasing a straddle using at-the-money options could be effective. This strategy profits from a significant price move in either direction, which is likely given the conflicting inflation data and lingering geopolitical risk.

We saw a similar dynamic during the geopolitical uncertainty of 2022, where implied volatility on gold options contracts spiked above 20% for weeks. Buying long-dated call options to hedge against any sudden escalations, while simultaneously selling shorter-dated covered calls against a core position, can generate income while maintaining upside exposure. This allows us to capitalize on the market’s current state of indecision.

The technical levels mentioned last year remain highly relevant for setting up these derivative plays. We can use the support cluster around $4,762 as a trigger point for selling cash-secured puts, an attractive strategy to either acquire gold at a lower price or collect premium. Conversely, the resistance near $4,917 is a clear target for taking profits on long call positions or initiating bear call spreads if the price fails to break through.

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A Nikkei report says the Bank of Japan is expected to keep its interest rate unchanged at 0.75%. The next monetary policy announcement is scheduled for 28 April.

With the Bank of Japan widely expected to keep its policy rate at 0.75% next week, we have seen short-term volatility in the yen decline. This predictability is making strategies that profit from stable markets, such as selling short-dated yen call and put options, seem attractive. The low implied volatility means the premiums collected could offer a decent return if the currency remains in a tight range post-announcement.

Risks To The Stable Range

However, we must consider the underlying data that could challenge this stability. Japan’s national core CPI for March 2026 recently came in at 2.6%, holding stubbornly above the central bank’s target for a prolonged period. This persistent inflation, combined with a weak yen, puts pressure on the Bank of Japan to act sooner than the market expects.

Looking back, we saw similar complacency in late 2025 before a surprisingly hawkish press conference caused a sharp move in the yen. Therefore, buying cheap, out-of-the-money options could serve as a valuable hedge against a surprise. With USD/JPY currently trading near a multi-decade high of 161.50, any unexpected signal of a future rate hike could trigger a significant downward correction.

The main driver remains the interest rate differential with the United States. US 10-year Treasury yields have recently stabilized around 4.4%, a substantial gap compared to Japanese government bonds. Until this spread narrows meaningfully, any strength in the yen is likely to be short-lived.

Therefore, our focus should be on the BoJ governor’s press conference following the April 28th decision. Any change in tone or forward guidance regarding inflation or future policy will be more important than the rate decision itself. We are positioning for a potential spike in volatility if the bank’s language shifts, even slightly, toward a more aggressive stance.

Key Event To Monitor

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Markets were calm early Tuesday after choppy trading on Monday. Attention is on possible next talks between the US and Iran, and on Kevin Warsh’s testimony as President Donald Trump’s nominee to lead the Federal Reserve.

Trump said on Monday that extending the US-Iran ceasefire, due to expire on Wednesday, was “highly unlikely”. Iran’s chief negotiator and parliament speaker, Mohammed Bagher Ghalibaf, rejected talks “under the shadow of threats” and said Iran was preparing “to reveal new cards on the battlefield”.

Geopolitical And Fed Focus

US media reported that Vice President JD Vance is set to travel to Pakistan on Tuesday. Iran had not confirmed whether it would send a delegation.

The US Dollar Index was slightly higher above 98.00 in the European morning. The US Census Bureau will release March Retail Sales later, while US stock index futures were flat after Wall Street closed lower on Monday.

UK ILO unemployment fell to 4.9% in the three months to February from 5.2%, versus a 5.2% forecast. Average Earnings Excluding Bonus eased to 3.6% from 3.8%, with GBP/USD near 1.3520 and March CPI due early Wednesday.

EUR/USD traded below 1.1800 ahead of Germany’s April ZEW sentiment survey. USD/JPY held near 159.00 as Japan’s finance minister repeated readiness to act if needed, while gold traded below $4,800.

Lessons From Last Year

Looking back at this time last year, we saw how markets were coiled with tension over the US-Iran ceasefire deadline and a pending change in Fed leadership. This period in April 2025 serves as a clear reminder of how geopolitical and monetary policy risks can build simultaneously. The lessons we learned from the subsequent market moves are directly applicable to the uncertainties we face today.

The threat of the US-Iran ceasefire expiring, which we recall did cause a short-term spike in oil prices, is a textbook example of headline-driven volatility. In the two weeks that followed in 2025, Brent crude futures saw their implied volatility jump by 15% as traders priced in the risk of conflict. This shows how quickly options premiums can inflate on assets directly exposed to geopolitical deadlines.

Given current tensions surrounding global shipping lanes, we should apply this lesson by looking at strategies that profit from a potential rise in volatility. For derivative traders, this means considering long straddles or strangles on energy sector ETFs, which can pay off if a sudden event causes a large price swing in either direction. This is a purer play on uncertainty rather than trying to guess the outcome of complex negotiations.

We also remember the uncertainty surrounding Kevin Warsh’s Fed testimony in April 2025, which kept the US Dollar Index propped up. That event drove front-month volatility on dollar-linked currency pairs higher, as his perceived hawkish stance signaled a stronger-for-longer dollar. Ultimately, the dollar index did rally to over 100 later that summer, validating the market’s initial concerns.

Today, as we await fresh inflation data, we see a similar setup where the market is sensitive to any data that could alter the Fed’s path. Traders should consider using options on currency futures to hedge against a hawkish surprise that could strengthen the dollar. Buying simple put options on the EUR/USD or call options on the USD/JPY provides a defined-risk way to position for renewed dollar strength.

The sideways action in USD/JPY near 159.00 last year, despite warnings from Japanese officials, showed us that verbal intervention has its limits. The fundamental driver, the interest rate differential between the US and Japan, eventually pushed the pair significantly higher in the second half of 2025. This was a classic case of fundamentals overriding government rhetoric over the medium term.

Gold’s inability to rally back then, even with geopolitical risk, was a crucial tell. It struggled below $4,800 an ounce because the market was more focused on the prospect of a strong dollar and higher US interest rates. This reminds us that gold’s performance is often dictated more by monetary policy expectations than its traditional safe-haven status.

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The US Dollar Index (DXY) is trading near 98.10 in early European hours on Tuesday, after small losses the previous day. It is still moving within a descending channel on the daily chart, which points to a bearish bias.

DXY remains below the nine-day and 50-day Exponential Moving Averages (EMAs). The 14-day Relative Strength Index (RSI) is near 40, which suggests weak momentum.

Key Downside Levels

The index could drop towards the lower end of the channel near 97.20. If it breaks below the channel, it may move towards 95.56, the lowest level since February 2022, reached on January 27.

Resistance is at the nine-day EMA at 98.41, then near 98.70 at the top of the channel, and the 50-day EMA at 98.83. A move above these levels could shift bias higher and open the way to 100.64, a nearly 10-month high set on March 31.

The technical analysis was produced with help from an AI tool.

The technical view from last year, when we were watching the US Dollar Index trade around 98.10, pointed to a clear bearish bias within a descending channel. This outlook was based on the index trading below key moving averages and a weak RSI reading, suggesting sellers were in control. The expectation then was for a potential slide toward the 97.20 level or even lower.

Current Market Shift

Fast forward to today, April 21, 2026, and the picture has changed significantly, with the DXY now trading near 104.50. The bearish channel from 2025 was broken to the upside late last year, and the dollar has since shown persistent strength. This reversal has been fueled by recent economic data showing inflation remains stubborn, with the March 2026 Consumer Price Index (CPI) report coming in at 3.1%, beating expectations.

This persistent inflation has forced a repricing of Federal Reserve policy expectations, with markets now anticipating fewer interest rate cuts in 2026 than previously thought. We see this reflected in Fed fund futures, which have shifted from pricing three cuts to now pricing in just one or two for the entire year. This contrasts with the European Central Bank, which is now signaling a higher probability of rate cuts beginning this summer.

Given this new bullish momentum, we should consider strategies that profit from a stronger dollar in the coming weeks. Buying call options on dollar-tracking ETFs like UUP provides a defined-risk way to capture further upside. Traders with a higher risk appetite might look at going long on DXY futures contracts.

For risk management, we should watch the 103.80 level, which corresponds with the 50-day moving average, as a key support zone. A break below this level could signal that the current bullish trend is losing steam. Our upside target in the near term is the 105.75 resistance area, a level we haven’t seen since the fourth quarter of 2025.

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UOB’s strategists expect USD/JPY to trade within a range after recent volatility. The pair is seen between 158.50 and 159.20 for the day, with momentum indicators mostly flat.

The prior view was for movement between 158.20 and 159.60, after the rate was at 159.10. USD/JPY then traded between 158.54 and 159.20 and ended 0.11% higher at 158.79.

Near Term Range Outlook

Over a 1–3 week period, UOB keeps its earlier projection for USD/JPY to remain within 157.55 and 160.50. This outlook follows volatile price action on the previous Friday and is unchanged.

The article states it was produced using an artificial intelligence tool and reviewed by an editor.

Given the expectation that USD/JPY will consolidate, derivative traders should consider strategies that profit from low volatility. The projected range of 157.55 to 160.50 for the next few weeks presents a clear opportunity for this. We see flat momentum indicators as a sign that strong directional bets may not be rewarded.

This suggests that selling volatility could be an effective approach. Traders might look at selling call options with strike prices above 160.50 and selling put options with strikes below 157.55. The goal is to collect the premium as the currency pair remains within this established band.

Implied Volatility Backdrop

This view is supported by recent market data showing a significant drop in expected price swings. One-month implied volatility for USD/JPY has fallen from over 11% during last week’s turmoil to near 8.7% today, indicating the market is no longer pricing in large, immediate moves. This makes selling options relatively more attractive.

When we look back at the sharp yen strengthening during the suspected interventions in the spring of 2025, a similar pattern emerged. After the initial chaotic price action, the pair often settled into a period of consolidation for several weeks. History suggests this stabilization is a typical post-volatility phase.

The fundamental picture also supports a range-bound market for now. With Japan’s core inflation holding steady around 2.1% in the latest report and the US Federal Reserve signaling a patient stance on interest rates, there isn’t a strong catalyst to break the range. This creates an environment where the yen is unlikely to either collapse or surge dramatically.

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The Reserve Bank of India (RBI) has eased some rules on Non-Deliverable Forwards (NDFs). It now allows authorised dealers to offer NDFs, roll over and cancel related-party contracts, and use back-to-back hedging.

USD/INR rose 0.2% to 93.12 after the change. Over the past three weeks, USD/INR has traded in a 92.40–93.40 range.

RBI Signals A Shift On Derivatives

The RBI Governor Sanjay Malhotra said at the 8 April monetary policy meeting that curbs on FX derivatives are not permanent. The Indian rupee remains the weakest Asian currency year-to-date.

The article was produced with the help of an Artificial Intelligence tool and reviewed by an editor.

The Reserve Bank of India is opening up the Non-Deliverable Forward market again, which means more liquidity and easier access for us. Given the rupee’s recent stability, the RBI seems less worried about sudden price swings. This move will likely draw more participants into the INR derivatives space in the near term.

We are seeing this happen even as the rupee remains weak, having depreciated over 3% against the dollar since the start of the year. Recent data shows foreign portfolio investors were net sellers of $2.1 billion in Indian equities so far in April, adding to the pressure. However, with India’s Q1 GDP growth coming in at a strong 7.2%, the underlying economic story provides some support.

Implications For Traders And Risk

This policy shift is a significant change from the situation we saw in late 2025, when sharp currency depreciation prompted the RBI to implement these very restrictions. The central bank’s willingness to now roll them back suggests a preference for market-based mechanisms as long as the 92.40-93.40 range for USD/INR holds. We should expect the RBI to defend this band to maintain its credibility.

For traders, this signals that selling volatility could become a more attractive strategy. With the central bank implicitly backing a stable range, option premiums may decline. We should consider strategies like short straddles on USD/INR, positioning for the currency to remain within its recent channel over the next few weeks.

The relaxed rules also make carry trades more feasible by simplifying the hedging process. India’s repo rate at 6.5% offers a notable yield advantage over the US Fed Funds rate of 4.75%. Increased liquidity should also lead to tighter bid-ask spreads, reducing the cost of entry and exit for these positions.

Still, we must remain aware of the broader market trend of US dollar strength. Persistent inflation in the United States continues to be the main driver, and any unexpected hawkish signals from the Federal Reserve could challenge the RBI’s new comfort zone. This external factor remains the primary risk to a stable rupee.

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Silver (XAG/USD) fell almost 1% to about $79.00 in the European session on Tuesday. It came under pressure ahead of the US Senate confirmation hearing for Kevin Warsh, nominated as the next Federal Reserve chair.

Markets are watching Warsh’s comments for clues on how policy could be shaped, including whether Federal Reserve independence is maintained. Donald Trump has criticised the Fed and Jerome Powell for not cutting interest rates more aggressively.

Market Reaction To Warsh Hearing

After Warsh’s nomination on 30 January, Silver dropped by over 30% after reaching a record near $121.60 the day before. The move was linked to Warsh’s past opposition to Quantitative Easing and his preference for a strong US Dollar.

Reports that Iran has agreed to resume talks with the US have not supported Silver. Expectations of a ceasefire have previously boosted Silver, partly due to the effect of lower oil prices on inflation expectations.

On charts, Silver is near the 20-day EMA at $77.04, with an ascending triangle pattern suggesting reduced volatility. RSI is around 54; resistance sits near $81.52, then $85.46, while support is around $76.50 and then $70.00.

We are seeing silver prices coil tightly around the $79 level, waiting for a catalyst from Kevin Warsh’s confirmation hearing for the Federal Reserve’s next chairman. The market is in a state of sharp volatility contraction, as shown by the Ascending Triangle formation on the daily chart. This technical pattern suggests a significant price move is imminent, and the direction will likely be determined by his testimony.

Implied volatility on XAG options has surged to a 12-month high of 45% for front-month contracts, indicating traders are bracing for a major event. This pricing reflects expectations of a price swing far larger than the recent range, moving beyond the triangle’s boundaries of $76.50 and $81.52. The key for derivative traders is to position for this expected explosion in volatility rather than a specific direction.

Positioning For A Volatility Breakout

We must remember the market’s severe reaction when Warsh’s nomination was first announced back on January 30. That event triggered a sell-off of over 30% from the all-time high near $121.60, as his historical preference for a strong dollar and opposition to quantitative easing is well known. This precedent underscores the significant downside risk should his hearing confirm a hawkish stance.

Looking at interest rate futures, the market has now fully priced out any rate cuts for 2026 and is showing a 60% probability of at least one rate hike by year-end. This shift has been supported by the latest CPI report from early April, which showed core inflation remaining stubbornly above 3.5%. This economic data provides a clear mandate for a potential Chairman Warsh to maintain a tight monetary policy.

Given the binary nature of the hearing, purchasing long straddles or strangles could be a logical strategy for the coming weeks. This approach allows a trader to profit from a large move in silver, either up or down, without needing to predict the outcome of the hearing. The premium paid represents the maximum defined risk for exposure to what could be a historic policy shift.

However, if Warsh strikes a surprisingly moderate or dovish tone to secure his confirmation, a significant short squeeze could ignite. A daily close above the triangle’s horizontal resistance near $81.52 would be the first signal of such a reversal. That move could quickly bring the March 13 high of $85.46 back into focus.

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Sterling rose at first against major peers after UK labour market figures for the three months to February. GBP/USD was still slightly lower near 1.3525 in European trade on Tuesday.

ONS data showed the ILO unemployment rate fell to 4.9% from an expected 5.2%. The economy added 25K jobs, down from the previous 84K.

Uk Wage Growth And Inflation Watch

Average earnings excluding bonuses increased 3.6% year-on-year versus 3.5% expected, and down from 3.8% previously. Earnings including bonuses rose 3.8% versus 3.6% expected, compared with 4.1% in the prior period after an upward revision from 3.9%.

The lower unemployment rate has been linked to market pricing for the Bank of England to keep rates unchanged at the 30 April meeting. Attention then turns to March CPI data due Wednesday, with headline inflation forecast at 3.3% year-on-year, up from 3.0% in February, alongside higher energy prices linked to the Middle East war.

Later this week, preliminary S&P Global PMI data for April is due Thursday, followed by March retail sales on Friday.

We remember this time in 2025 when a surprisingly strong labor market, with unemployment falling to 4.9%, kept the Pound Sterling buoyant. This data supported the view that the Bank of England (BoE) would keep interest rates on hold, which anchored the GBP/USD pair around the 1.35 level. The current environment presents a starkly different picture for traders to navigate.

Rate Cut Timing And Derivative Positioning

Today, the economic landscape has shifted considerably, making a repeat of last year’s bullish sentiment unlikely. Inflation has cooled significantly, with the March 2026 Consumer Price Index (CPI) now standing at 2.3%, a marked improvement from the 3.3% rate that was feared this time in 2025. While the labor market remains resilient with the unemployment rate at 4.3%, the urgency for the BoE to maintain high rates has faded.

This change in fundamentals means the key focus for derivative traders is now the timing of the first BoE interest rate cut. Since August 2023, the bank rate has been held steady at 5.25%, but markets are now actively pricing in cuts for the coming months. This contrasts sharply with April 2025, when the debate was centered on rates staying higher for longer.

For traders of currency derivatives, the weaker outlook for UK rates explains why GBP/USD is currently struggling around 1.24. We should consider strategies that benefit from this new reality, such as buying GBP put options to protect against a surprisingly dovish BoE statement. Cautious positioning is wise, as the path of least resistance for the Pound appears to be downwards.

The uncertainty surrounding when the BoE will act creates an ideal environment for volatility-based trades. Upcoming CPI and jobs data releases will be major catalysts for market movement. We see value in using options strategies like straddles ahead of these key announcements, which can profit from a significant price swing in either direction regardless of the data’s outcome.

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