Notable FX Option Expiries for today's NY cut: 28th October 2026

• EUR/USD: 1.1150 (EUR 1.9bln), 1.1200 (EUR 1.6bln), 1.1215 (EUR 2.5bln), 1.1250 (EUR 1.2bln)
• USD/JPY: 157.15 (USD 810mln), 157.90 (USD 650mln), 158.00 (USD 1.1bln), 158.50 (USD 902mln), 159.00 (USD 612mln)
• USD/CAD: 1.4000 (USD 510mln), 1.4050 (USD 529mln)
• AUD/USD: 0.7005 (AUD 1.1bln), 0.7050 (AUD 891mln)

A standard daily expiry rundown for the New York cut, a fixture of the FX calendar rather than a news event. The pattern in episodes of this kind is well established: sizeable strikes, particularly the larger EUR/USD concentrations around 1.1150 to 1.1250 and the USD 1.1bln 158.00 in USD/JPY, can exert a gravitational pull on spot into the 10am fix as hedging flows cluster around the strikes, with the effect strongest when spot is trading close to a large level and liquidity is thin. Once the cut passes, that pinning effect typically unwinds and spot is free to resume its underlying direction, so moves into the fix are frequently faded afterward. The tell worth noting is proximity: strikes sitting well away from prevailing spot are largely informational, while price action gravitating toward a big level confirms the expiry is the active driver rather than macro flow. The stacked USD/JPY strikes between 157 and 159 also define a zone in which one-sided moves have tended to stall on past occasions. Follow-ons are the cut itself and any sharp repricing in the minutes after, which separates expiry-driven price action from genuine directional interest.