📊 FX Option Landscape — September 12, 2025 (per pair, latest NY cut update)

📊 FX Option Landscape — September 12, 2025 (per pair, latest NY cut update)

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🇪🇺 EUR/USD (EUR notional)

• 1.1550: €2.3bn

• 1.1600: €2.4bn ✅

• 1.1650: €2.0bn

• 1.1670: €1.0bn

• 1.1675: €1.5bn

• 1.1700: €3.6bn 🚨 Largest

• 1.1725: €2.1bn

• 1.1735: €929m

• 1.1800: €2.1bn

• 1.1850: €1.9bn

📌 Focus:

• 1.1700 (€3.6bn) stands out as the dominant strike.

• The 1.1600–1.1725 cluster exceeds €10bn total, creating heavy convergence pressure into NY cut.

• On the topside, 1.1800–1.1850 (nearly €4bn combined) form an additional cap, likely curbing upside attempts.

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🇺🇸 USD/JPY (USD notional)

• 146.00: $1.2bn

• 147.40: $1.9bn ✅

• 147.50: $1.0bn

📌 Focus:

• 147.40 ($1.9bn) is the largest concentration.

• Combined with 146.00–147.50 strikes, this band reinforces range compression into the cut.

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🇦🇺 AUD/USD (AUD notional)

• 0.6500: A$565m

📌 Focus:

• Single mid-sized strike.

• 0.65 remains a psychological pivot.

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🇨🇦 USD/CAD (USD notional)

• 1.3740: $500m

• 1.3780: $762m

• 1.4000: $524m

📌 Focus:

• 1.3780 ($762m) is slightly heavier.

• Distribution between 1.3740–1.4000 points to muted direction, with CAD trading likely range-bound.

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🇪🇺/🇬🇧 EUR/GBP (EUR notional)

• 0.8725: €606m

📌 Focus:

• Mid-sized strike, likely to act as an intraday pivot during European hours.

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👉 Key Takeaway:

• The spotlight is on EUR/USD 1.1700 (€3.6bn) and USD/JPY 147.40 ($1.9bn).

• Both represent powerful NY cut magnets, with strong potential for range compression followed by a breakout risk around expiry.

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⚖️ 15-minute Power Balance Snapshot:
CAD ＞ EUR = AUD = USD ＞ CHF ＞ GBP ＞ NZD ＞ JPY