• The cash hedging of option strikes can help contain FX as their expiry looms

• That's proved to be the case around a big 1.0300 strike EUR/USD expiry level

• 4 billion euros expired Thurs and there are many more in the wake of the NFP

• There are 2.6 billion euros of 1.03's amid a swathe of strikes expiring Fri

• A massive 6.5 billion 1.0300-10 strikes expire at Mondays 10-am New York cut

• While 1.0300 is pivotal for now - beware high NFP volatility risk premiums
EUR/USD FX option strike expiries Jan 9- 17

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