📊 FX Option Landscape — September 12, 2025 (per pair, latest NY cut update)
🇪🇺 EUR/USD (EUR notional)
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1.1550: €2.3bn
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1.1600: €2.4bn ✅
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1.1650: €2.0bn
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1.1670: €1.0bn
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1.1675: €1.5bn
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1.1700: €3.6bn 🚨 Largest
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1.1725: €2.1bn
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1.1735: €929m
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1.1800: €2.1bn
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1.1850: €1.9bn
📌 Focus:
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1.1700 (€3.6bn) stands out as the dominant strike.
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The 1.1600–1.1725 cluster exceeds €10bn total, creating heavy convergence pressure into NY cut.
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On the topside, 1.1800–1.1850 (nearly €4bn combined) form an additional cap, likely curbing upside attempts.
🇺🇸 USD/JPY (USD notional)
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146.00: $1.2bn
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147.40: $1.9bn ✅
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147.50: $1.0bn
📌 Focus:
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147.40 ($1.9bn) is the largest concentration.
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Combined with 146.00–147.50 strikes, this band reinforces range compression into the cut.
🇦🇺 AUD/USD (AUD notional)
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0.6500: A$565m
📌 Focus:
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Single mid-sized strike.
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0.65 remains a psychological pivot.
🇨🇦 USD/CAD (USD notional)
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1.3740: $500m
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1.3780: $762m
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1.4000: $524m
📌 Focus:
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1.3780 ($762m) is slightly heavier.
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Distribution between 1.3740–1.4000 points to muted direction, with CAD trading likely range-bound.
🇪🇺/🇬🇧 EUR/GBP (EUR notional)
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0.8725: €606m
📌 Focus:
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Mid-sized strike, likely to act as an intraday pivot during European hours.
👉 Key Takeaway:
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The spotlight is on EUR/USD 1.1700 (€3.6bn) and USD/JPY 147.40 ($1.9bn).
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Both represent powerful NY cut magnets, with strong potential for range compression followed by a breakout risk around expiry.
⚖️ 15-minute Power Balance Snapshot:
CAD ＞ EUR = AUD = USD ＞ CHF ＞ GBP ＞ NZD ＞ JPY
