Barriers galore today but not where you may think – Forex option expiries 4 May 2010

Forex options expiring at the 10 AM (14.00 GMT) New York cut 4 May 2018

A better spread in USDJPY today and plenty of big figure coverage in EURUSD. We’ve also got wind of some barrier action in some of the other USD pairs. USDTRY has one at 4.30 and USDMXN has them lined up from 19.30. Barriers are all well and good when markets are calm but as we’ve seen in EM pairs of late, the USD is ripping against them. Even today there was a barrier in USDTRY at 4.25 that was ripped to shreds, and we’re now trading up at 4.2770. In this instance, I wouldn’t put too much faith in the barriers in these sorts of pairs but note them as part of anything else you may have at those levels.