Core Viewpoint - Currency options traders are currently more pessimistic about the US dollar's performance over the next year than at any time in the past, as indicated by a significant drop in the one-year risk reversal rate [1] Summary by Relevant Categories Investor Sentiment - The one-year risk reversal rate, which measures the cost of buying or selling a currency in the options market, has fallen to -27 basis points, indicating a strong preference for put options over call options [1] - This level is the most negative on record since Bloomberg began tracking this data in 2011, surpassing even the brief lows seen at the onset of market volatility triggered by the pandemic five years ago [1]