Notable FX Option Expiries for todays NY cut: 27th October 2026

• EUR/USD: 1.1175 (EUR 834mln), 1.1200 (EUR 721mln), 1.1250 (EUR 1.1bln), 1.1300 (EUR 695mln)
• USD/JPY: 155.75 (USD 510mln), 157.00 (USD 1bln), 157.50 (USD 869mln), 157.75 (USD 1bln), 157.85 (USD 2.1bln), 158.00 (USD 1.5bln)
• GBP/USD: 1.3260 (GBP 542mln), 1.3300 (GBP 800mln), 1.3400 (GBP 552mln)
• USD/CHF: 0.8155 (USD 840mln)
• AUD/USD: 0.6900 (AUD 895mln), 0.6975 (AUD 2.1bln), 0.7015 (AUD 774mln), 0.7030 (AUD 1.2bln)

Large option expiries rolling off at the New York cut are a recurring feature of the daily FX calendar, and the established pattern is gravitational: when spot trades near a sizeable strike into the 10am window, hedging flows from option desks have historically exerted a pinning pull, with price tending to gravitate toward the largest nearby strikes and then release once the expiry passes. Size is the filter that matters here, with the multi-billion clusters in USD/JPY around the 157.85-158.00 area and the AUD/USD strikes either side of 0.7000 the obvious candidates for that effect, while the sub-billion lines are routine background. The distinction worth drawing is between expiries sitting close to spot, which can dampen and contain movement into the cut, and those sitting well away from it, which carry little mechanical pull but mark levels where delta-hedging interest exists if spot approaches. These are one-day phenomena; once the cut passes, the positioning constraint disappears and any suppressed move has tended to resolve in the direction of the underlying trend. The practical follow-ons are where spot sits relative to the largest strikes as the window approaches, and whether any data or central bank event on the day competes with the expiry flow as the dominant driver.