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OPTIONS: Sizeable EUR Strike Defines Monday Pipeline

OPTIONS
BulletMarketsForeign Exchange Bullets

Sizeable options interest at today's cut could help define G10 FX price action into 10am NY time (1500GMT), with the most notable strikes including €2.2bln at 1.0500 in EUR/USD, €2.4bln at 1.0540-50 and the biggest of the day (and almost certainly the entirety of 2024): €6.6bln at 1.0600.

  • That last option is composed of 59 different options, €3.0bln of which are put notional, €3.6bln of which are calls - likely made up of year-end edges that looked to steer clear of the Fed meeting on Wednesday and avoid thinner markets toward the end of the week.
  • Other notable optionality interest lies lower with $950mln at Y152.45 in USD/JPY and $741mln at Y153.00. AUD/USD eyes A$886mln at $0.6350, while GBP/USD sees £475mln rolling off at 1.2625.
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Sizeable options interest at today's cut could help define G10 FX price action into 10am NY time (1500GMT), with the most notable strikes including €2.2bln at 1.0500 in EUR/USD, €2.4bln at 1.0540-50 and the biggest of the day (and almost certainly the entirety of 2024): €6.6bln at 1.0600.

  • That last option is composed of 59 different options, €3.0bln of which are put notional, €3.6bln of which are calls - likely made up of year-end edges that looked to steer clear of the Fed meeting on Wednesday and avoid thinner markets toward the end of the week.
  • Other notable optionality interest lies lower with $950mln at Y152.45 in USD/JPY and $741mln at Y153.00. AUD/USD eyes A$886mln at $0.6350, while GBP/USD sees £475mln rolling off at 1.2625.