Here are today’s forex option expiries for the 10 am (15.00GMT) New York cut 09 November 2017
A lot going on but mostly small, bar 3 big ones in EURUSD. AUDJPY is sandwiched between to sizeable expiries.
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Hi Ryan,
I attended your Forex webinar at MrTopStep – good information. I am new to Forex and when time permits, please let me have your answers to my following questions.
1. Your today’s (Nov 9, 2017) Option board shows 1.4 B under EURUSD for 1.1600 strike. I noticed EURUSD was around 1.1600 at 9:00 EST and then jumped to 1.1630 by 10:00 EST. From your experience, is this move related to Option and if so who got benefited?
2. Your option board shows that Option expires at 10:00 EST. Is there a Forex fix (i.e. I heard there are two Forex fix – one called London fix at 11:00 EST when Europe closes and one at Tokyo fix)?
3. You mentioned in your webinar about Japanese exporters and USDJPY. Exporters like weak JPY . Do they sell or buy USDJPY when it hits new high?
Thank you.
Hi John
Nice of you to stop by.
1. Today is a bit of a messy one in FX. We’re up and down and there’s been no real news of note behind it. The whole market is scratching around for reasons why the USD is down, now up, EUR is up and down. Days like today can be tough but in answer to your question, it looked very much like the options players were trying to keep the price close to 1.1600, to do battle but then it looked like one side won out and took it in their favour. However, that’s just part of it as there was a lot going on elsewhere. EURJPY saw some buying and that helped EURUSD.
2. There are several fixes during the day. There’s a European fix at 12 GMT (IIRC) and then the bigger London fix at 16.00 GMT. That’s the one where we can see the most action. The Tokyo fix is around 1am GMT, if memory serves.
3. Japanese exporters look to sell USDJPY at higher levels, if it fits in with their fiscal arrangements. When we talk exporters we think of big Japanese firms that operate in different countries around the globe, rather than those who produce in Japan and physically export. These overseas operators lock in their profits (say a big Jap car firm in the US), and then they repatriate the money back home to Japan.
I hope that helps but please feel free to fire across any other questions.
Hi Ryan,
Thank you for your prompt and helpful reply.
Hello John ,
To be precise, the London fixing will always be 4 pm London time, the Tokyo fixing is at 9.55 am Tokyo time , a bit odd I know .There is an extra one at 3 PM Tokyo time for option contracts but less talked about, although at times a bit wobbly.
At the Tokyo fixing there are no option expiries and moves will solely depend on what Japanese corporates and/or Asset managers need to manage.