It’s looking bleak below – Forex option expiries 13 August 2018

Forex options expiring at the 10am (15.00 GMT) New York cut 13 August 2018

The striking thing about the options landscape is the lack of downside action. For a long while we’ve seen the calls and puts well place, which told us that the market didn;t see any real breaks of range. That doesn’t mean they’ll be right but the puts are the ones that are on the right side of pairs like EURUSD. What we’ll have to llok for is whether we get a fresh round of hedging for further downside.