Notable FX Option Expiries for today's NY cut: 26th October 2026

• EUR/USD: 1.1100 (EUR 1.5bln), 1.1200 (EUR 1.2bln), 1.1245 (EUR 601mln), 1.1250 (EUR 1.2bln), 1.1300 (EUR 691mln)
• USD/JPY: 156.95 (USD 510mln), 158.00 (USD 3.1bln), 158.50 (USD 1.5bln)
• USD/CAD: 1.3960 (USD 573mln)
• AUD/USD: 0.6950 (AUD 919mln), 0.6980 (AUD 504mln), 0.7025 (AUD 536mln)

Large option expiries into the New York cut are a recurring fixture, and the established pattern is gravitational: spot tends to pin toward strikes with outsized open interest in the hours before the cut as hedging flows dominate, then release once the expiry passes and the gamma overhang is removed. The effect is strongest in quiet, headline-light sessions and weakest when a data release or central bank event sits on the same day, since fresh information overrides the expiry magnet. The concentration worth noting here is in USD/JPY, where the strikes sit above prevailing spot in size, clustering at adjacent levels; clustered strikes of that scale have historically acted as both magnet and, if breached after the cut, as fuel for extension once the hedge flows roll off. The EUR/USD strikes are spread across a tighter band, which tends to dampen range rather than define direction. As with all such flows, the signal is intraday and mechanical rather than directional; the tell is whether spot reverts to the strike zone into the cut or is already trading through it on genuine flow.