• USD and oil lower, but huge FX option strike expiries near 1.14 continue to pin EUR/USD in tight ranges

• Related cash hedging flows create a magnetic effect - helping to keep EUR/USD near the largest strikes

• Monday's largest strike expiries are 1.1375 (€1.8bln), 1.1400 (€1.7bln), 1.1425-35 (€1.5bln). Tues and Wed lighter

• Fed decision Thursday is the wildcard — but absent a surprise, more expiries could cap moves

• Thursday: 1.1375 (€1.5bln) plus a hefty €5bln clustered at 1.1400-15 for the 10-am New York cut expiry

• Friday adds a huge 1.1375 (€2bln) and 1.1400 (€3.5bln)
EURUSD FX option strike expiries - July 27 -31


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