Today’s Options Overview
October 12, 2026
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Spot Rates at the Time of Publication
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EUR/USD: 1.1210
USD/JPY: 158.22
GBP/USD: 1.3244
USD/CHF: 0.8298
USD/CAD: 1.4257
AUD/USD: 0.6981
NZD/USD: 0.5606
EUR/GBP: Unconfirmed
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Options Expiring Today
October 12
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■ EUR/USD
1.1225 — €611 million
Current spot: 1.1210
The 1.1225 strike is close, around 15 pips above spot. However, the notional is relatively small, so its influence in drawing spot toward that level is likely limited.
If the pair rebounds, watch its approach to 1.1225 and whether it stabilizes around that level or breaks above and holds.
Do not assume the pair will rise to 1.1225 based on the option alone; prioritize the direction of actual price action.
■ Other currency pairs
USD/JPY, GBP/USD, USD/CHF,
USD/CAD, AUD/USD, NZD/USD,
EUR/GBP
No notable options are listed for today.
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Options Expiring Next Business Day
October 13
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The distances below are calculated from the spot rates listed above.
■ EUR/USD
1.1260 — €978 million
1.1290 — €3.1 billion — largest
1.1300 — €1.2 billion
1.1315 — €1.1 billion
Even the nearest level, 1.1260, is around 50 pips above spot. If spot is at a similar level on the next business day, the options’ direct influence near current prices will be limited.
If the pair rebounds, first watch its approach to 1.1260 and the reaction there.
The largest option, at 1.1290, is around 80 pips above spot. Options totaling €5.4 billion are concentrated between 1.1290 and 1.1315, forming a zone to watch if the pair rebounds substantially.
Prioritize the nearer 1.1260 level rather than assuming the pair will rise simply because of the larger option sizes farther above.
■ USD/JPY
156.50 — $560 million
158.00 — $1.2 billion — largest
160.00 — $545 million
The largest option, at 158.00, is relatively close, around 22 pips below spot, making it an important level for the next business day.
If USD/JPY remains near 158.00, watch for price to gravitate toward that level or stabilize around it ahead of the New York cut. If the pair approaches, monitor whether it can hold 158.00 or recover after breaking below.
The 156.50 and 160.00 strikes are farther away, around 172 pips below and 178 pips above spot, respectively. For now, prioritize 158.00.
■ AUD/USD
0.6950 — A$740 million — largest
0.7050 — A$502 million
The 0.6950 strike is around 31 pips below spot and is the first level to watch if the pair declines.
If AUD/USD approaches it, monitor whether the pair finds support there or fails to recover after breaking below.
The 0.7050 strike is around 69 pips above spot. Watch it as a potential level if the pair rebounds.
■ Other currency pairs
GBP/USD, USD/CHF,
USD/CAD, NZD/USD
No notable options for the next business day are listed in the table available.
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Overall structure
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There are few notable large options today, so their potential pinning effect is limited.
The EUR/USD 1.1225 strike is close to spot, but its notional is not large enough to assume a strong pull toward that level. Focus on the broader market direction and the pair’s reaction if it approaches.
For the next business day, USD/JPY at 158.00 stands out in both size and proximity. For AUD/USD, 0.6950 is the first level to watch on the downside.
Large EUR/USD options are concentrated above spot, but they are some distance away. Monitor that zone if the pair rebounds.
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Trading strategy
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• EUR/USD
Today, watch the reaction at 1.1225 if the pair rebounds. On the next business day, use 1.1260 as the first reference level. If the advance continues, monitor the concentration from 1.1290 to 1.1315.
• USD/JPY
Today, options provide few signals, so prioritize the direction of price action. On the next business day, watch whether the pair can hold 158.00 or recover after breaking below it.
• AUD/USD
Focus on the reaction at 0.6950 on the next business day. Watch whether the pair finds support and whether it can recover after a break below. If it rebounds, monitor 0.7050.
