Today’s Options Overview
October 2, 2026
Spot Rates
EUR/USD: 1.1248
USD/JPY: 157.86
GBP/USD: 1.3207
USD/CHF: 0.8292
USD/CAD: 1.4213
AUD/USD: 0.6935
NZD/USD: 0.5611
EUR/GBP: 0.8515
Options Expiring Today
October 2
EUR/USD
• 1.1180 (€670 million)
• 1.1375 (€2.1 billion) — largest
• 1.1390 (€1.1 billion)
• 1.1400 (€795 million)
Spot is currently 1.1248.
Today’s largest option is at 1.1375, with a notional of €2.1 billion, but it is around 127 pips above spot. Its influence as a pinning level near current prices is therefore limited.
The nearest listed level is 1.1180, around 68 pips below spot. It is worth watching if the pair falls, but the option positioning alone does not suggest a move down to that level.
Above spot, options totaling around €3.995 billion are concentrated from 1.1375 to 1.1400. If the pair makes a substantial rebound and approaches this zone, watch how it reacts.
USD/JPY
• 156.00 ($865 million)
• 156.50 ($834 million)
• 157.00 ($2.4 billion)
• 157.55 ($530 million)
• 158.00 ($2.9 billion) — largest
• 159.00 ($961 million)
Spot is currently 157.86.
The largest option, at 158.00, is worth $2.9 billion and sits very close to spot, around 14 pips above. It is today’s key level, with a move back toward 158.00 or price stabilization around that level in focus ahead of the New York cut.
Below spot, 157.55 is around 31 pips lower, followed by 157.00, where $2.4 billion is concentrated. If the pair falls without regaining 158.00, watch its reaction around 157.55 and 157.00.
The next upside level is 159.00, around 114 pips above spot. The immediate question is whether USD/JPY can break above 158.00 and hold there.
GBP/USD
• 1.3230 (£592 million)
Spot is currently 1.3207.
The 1.3230 option is relatively close, around 23 pips above spot, and is a near-term level to watch. If the pair rebounds, monitor its approach to 1.3230 and its price action at that level.
USD/CAD
• 1.4300 ($550 million)
Spot is currently 1.4213.
The 1.4300 level is around 87 pips above spot, so its direct influence near current prices is limited. Keep it in mind if the pair continues to rise.
USD/CHF, AUD/USD, NZD/USD, EUR/GBP
No notable options are listed for today.
Options Expiring Next Business Day
October 5
EUR/USD
• 1.1250 (€921 million)
• 1.1300 (€1 billion)
• 1.1325 (€1.1 billion)
• 1.1370 (€656 million)
• 1.1375 (€1.4 billion)
• 1.1380 (€876 million)
• 1.1400 (€4.1 billion) — largest
Using the current spot price as a reference, 1.1250 is around 2 pips above spot and almost exactly aligned. If spot is still near this level when markets reopen, 1.1250 may be the first area of focus.
On a rebound, 1.1300 is around 52 pips higher, followed by 1.1325.
The largest option, at 1.1400, is worth €4.1 billion but sits around 152 pips above spot. For now, 1.1250 is the nearer level to watch. If the pair rebounds substantially, monitor the concentration from 1.1370 to 1.1400.
USD/JPY
• 156.00 ($2 billion) — largest
• 157.00 ($542 million)
• 157.50 ($639 million)
• 158.00 ($807 million)
• 158.30 ($570 million)
The nearest listed level is 158.00, around 14 pips above spot. The 158.00 level remains in focus from today into the start of next week.
Below spot, 157.50 is around 36 pips lower and 157.00 is around 86 pips lower. The largest option, at 156.00, is around 186 pips below spot, so its direct influence near current prices is limited.
Above spot, 158.30 is around 44 pips higher and is the next level to watch if the pair moves above 158.00.
USD/CAD
• 1.4125 ($1.2 billion) — largest
• 1.4200 ($827 million)
The 1.4200 option is close, around 13 pips below spot, making it a potential focal level when markets reopen.
If the pair falls below 1.4200, the next major level is 1.4125, around 88 pips lower.
Overall structure
The most important level today is USD/JPY at 158.00. A large $2.9 billion option sits around 14 pips above spot, making it notable in both size and proximity.
For GBP/USD, 1.3230 is relatively close, while the large EUR/USD options are farther from spot.
At the start of next week, the nearby levels to watch are EUR/USD at 1.1250, USD/JPY at 158.00, and USD/CAD at 1.4200.
Trading strategy
For USD/JPY, focus on the approach to 158.00 and the reaction there. Watch whether the pair breaks above and holds, or turns lower and moves toward 157.55.
For EUR/USD, options are likely to have limited influence on near-term price action today, so prioritize the direction of the actual move. At the start of next week, watch trading around 1.1250.
For GBP/USD, monitor the reaction if the pair rebounds to 1.3230.
For USD/CAD, use 1.4200 as a reference level at the start of next week. Watch whether the pair holds above it or, after breaking below, fails to recover.
