✅ FX Option Expiries Summary (December 12)
EUR/USD
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1.1800 (EUR 737m)
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1.1755 (EUR 566m)
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1.1700 (EUR 665m)
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1.1600 (EUR 936m)
USD/JPY
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155.00 (USD 1.52bn)
GBP/USD
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1.3415 (GBP 421m)
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1.3250 (GBP 781m)
USD/CHF
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0.8000 (USD 351m)
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0.7700 (USD 300m)
USD/CAD
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1.3940 (USD 600m)
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1.3800 (USD 652m)
AUD/USD
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0.6650 (AUD 643m)
EUR/GBP
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0.8800 (EUR 486m)
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0.8740 (EUR 412m)
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0.8700 (EUR 627m)
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0.8650 (EUR 513m)
What Are Option Expiries?
FX option expiries refer to the strike prices where option contracts expire.
These levels represent the combined notional amount of call and put options.
Example
EUR/USD at 1.1600 (EUR 936m)
This means:
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Strike price: 1.1600
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Total notional (calls + puts): EUR 936 million
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Expiry at the NY cut (around 23:00–24:00 JST)
Why Do Traders Watch Option Expiry Levels?
These levels often act like a “price magnet” in the FX market.
Reason
Banks and dealers (market makers) who hold option exposure must actively hedge their risk as spot prices approach the strike.
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If price rises → they sell
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If price falls → they buy
As this hedging activity intensifies:
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Volatility tends to decline
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Prices are drawn toward the strike level
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Price action often slows into the NY cut
This phenomenon is known as option pinning.
Practical Trading Takeaways
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Option sizes around 1 billion notional or more tend to have the strongest impact
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Pinning is more likely when price is within 30–50 pips of the strike
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After the NY cut, prices may start to move again as hedges are unwound
Key Levels to Watch Today
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EUR/USD: 1.1600 (EUR 936m)
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USD/JPY: 155.00 (USD 1.52bn)
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GBP/USD: 1.3250 (GBP 781m)
👉 These strikes are likely to act as key pivot levels for today’s trading.
