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• The cash hedging of huge, soon-to-expire FX options have been keeping a stranglehold on EUR/USD this week

• Billions in expiries anchored EUR/USD near 1.1700 through Monday, Tuesday and Wednesday's New York cuts

• EUR/USD mildly weaker since hawkish Fed and higher oil, but more expiries Thursday maybe limiting deeper FX declines

• There are EUR 1-billion at 1.1675, EUR 1.1 billion at 1.1690-1.1700 and 1.5 billion at 1.1725 for the 10-am New York cut

• However, the 1.1700 gravitational centre fades after Thursday's cut as the last of the big strikes roll off

• Friday brings fresh anchor points — 2.5bln euros expire 1.1640-50 which may underpin any deeper EUR/USD declines short term

• Related - FX options wake up to escalating war risks
EUR/USD FX option strike expiries April 27 - May 1


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