Notable FX Option Expiries for today's NY cut: 13th October 2026

Option expiries at the New York cut are a recurring feature of the FX calendar, and their influence tends to follow a familiar sequence: prices often gravitate toward large strikes as the cut approaches, particularly in thin liquidity, before the gravitational pull fades once the expiries roll off. The concentration here is notable in EUR/USD around 1.1290, USD/JPY at 157.00 and 159.00, and USD/CAD at 1.4250, where the size of the open interest has historically been sufficient to pin spot nearby into the cut when no overriding macro driver is present. The mechanism runs through hedging flows: dealers short gamma at a large strike tend to buy low and sell high around the level, dampening moves, while dealers long gamma can amplify them, though the positioning behind any given strike is not visible from the expiry list alone. The distinction worth drawing is between pairs trading close to a major strike, where the pinning effect is live, and pairs already distant from their expiries, where the cut passes without incident. What matters next is whether spot approaches the cut near the big levels and whether fresh option interest rebuilds at the same strikes afterward, which would signal the levels remain in play beyond today.