• The cash hedging of soon-to-expire FX option strikes can often draw and contain the FX spot price

• 1.1500 strikes feature heavily on the EUR/USD FX option strike expiry calendar this week

• Monday has €552 million at 1.1500, although the bigger amounts are between 1.1470-80 on €1.8 billion

• Tuesday has a huge €2 billion at 1.15, Wednesday €2.5 billion, Thursday €2.1 billion and Friday €1.1 billion at 1.1500

• If nothing else can influence the FX spot market this week, the hedging of those 1.1500 options may dominate FX
EUR/USD FX option strikes expiring September 21-25

(Richard Pace is a Reuters market analyst. The views expressed are his own)