Headline: FX Options Watch: Notable 10am NY Cut Levels for 20 November
Key Takeaways
As the 10am New York cut approaches, FX options positioning is set to steer intraday moves across major currency pairs. Concentrated strike interest in EUR/USD, USD/JPY and AUD/USD may act as magnets for spot prices, with hedging flows potentially capping volatility around key levels.
In EUR/USD, sizeable expiries are stacked at 1.1500 (€2.05bn), 1.1630 (€1.19bn) and 1.1600 (€1.07bn), which could help contain ranges into the cut. USD/JPY also features meaningful notional interest at 155.00 ($1.49bn) and 150.00 ($1.3bn), reinforcing well-watched technical zones and raising the risk of gamma-related flow around those strikes.
AUD/USD is heavy between 0.6500 and 0.6550, with AUD739.4m at 0.6550, AUD736.7m at 0.6500 and AUD422.4m at 0.6530, suggesting a tight trading band into the roll. In sterling, GBP/USD has notable interest at 1.3250 (£679m), 1.2800 (£597.2m) and 1.2750 (£567.7m). Elsewhere, NZD/USD shows NZD300m at 0.5675 and EUR/GBP has €523.6m at 0.8750, while USD/CNY sees sizeable expiries at 7.1089 ($1.2bn) and 7.1080 ($770m), which may influence onshore and offshore pricing alignment. Overall, these clusters could anchor spot FX intraday as the cut approaches.
Key Points: – EUR/USD expiries: 1.1500 (€2.05bn), 1.1630 (€1.19bn), 1.1600 (€1.07bn) – USD/JPY expiries: 155.00 ($1.49bn) and 150.00 ($1.3bn) – AUD/USD concentrated between 0.6500–0.6550 with heavy strikes at 0.6500, 0.6530 and 0.6550 – GBP/USD levels: 1.3250 (£679m), 1.2800 (£597.2m), 1.2750 (£567.7m) – NZD/USD: 0.5675 (NZD300m) and EUR/GBP: 0.8750 (€523.6m) – USD/CNY expiries at 7.1089 ($1.2bn) and 7.1080 ($770m) may guide intraday pricing around those strikes
