• Soon-to-expire FX option strikes attract the most related cash hedging flows

• These hedging flows are to neutralise exposure, but can draw spot to strike

• More-so with liquidity suffering in to Thursday's U.S. Thanksgiving holiday

• No surprise that massive strikes around EUR/USD 1.0500 expire this week

• 2.1 billion euros yesterday and another 5 billion euros at 1.0500 Wednesday

• There's also 5 billion euros between 1.0450-90 to underpin on Wednesday

• 1.0500 strikes expire on 1 billion euros Thursday and 2 billion euros Friday

• Friday also includes a huge 4.2 billion euros between 1.0470-90

• FX Options wrap nL2N3MX0NW. Month end FX rebalancing signals nL6N3MY0AL

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