Large EUR/USD expiries to take note of today
After the sharp rally in EUR/USD yesterday, which has since been extended to a little over 1.1200 (though failed to hold), we have a number of large expiries coming off the books today which could lead to a little more activity in today's session.
Of the sizeable option strikes rolling off, we see Eur1.5bln of 1.1100's along with another Eur1.25bln at 1.1120 and 1.1125. Around 1.1150, we have another Eur1.5bln, and in the 1.1170-80 area, there are a little over Eur2bln rolling off. From 1.1185 to 1.1200, we have just over Eur2.25bln, so this could explain the resistance seen just above the figure this morning.
Remember, we have the European elections this weekend, and results will starting filtering out through the exit polls on Sunday night when the Asia markets open up. As such, we may see some position trimming into the London close.