Insights 
VT 
FX option expiries for May 19 at 10:00 Eastern Time include the following. For EUR/USD, there is an amount of EUR 375 million at 1.1150.
In GBP/USD, GBP 559 million is listed at 1.3300. USD/JPY shows USD 1.2 billion at 146.50 and USD 1.5 billion at 147.00.
USD/CHF has USD 159 million at 0.8420. For AUD/USD, amounts include AUD 563 million at 0.6525 and AUD 595 million at 0.6355.
Usd Cad Expiry Levels
USD/CAD lists USD 529 million at 1.3675 and USD 587 million at 1.3985. Finally, in NZD/USD, there is NZD 1 billion at 0.5915.
Recent market movements indicate EUR/USD approaching 1.1300 due to US Dollar selling. Meanwhile, GBP/USD is nearing 1.3400 following a US credit rating downgrade.
Gold prices have risen, trading near $3,250 per ounce after the US credit rating was lowered. Concerns about economic indicators and trade talks are currently influencing market dynamics.
China’s economy shows slower activity in April, particularly in retail sales and fixed-asset investment. Although manufacturing was affected, the impact was less severe than anticipated.
Usd Chf Movements And Implications
The expiry list for May 19 features a few areas that might pull or push pricing as they mature, particularly where large notional amounts are clustered. For example, the 1.1150 level in EUR/USD—backed by EUR 375 million—may begin to lose relevance even if price action slows as this level sits well below the market, which crept towards 1.1300. That’s largely been driven by consistent US Dollar selling pressure. As a result, any attempt at retracement faces resistance not from fresh technical levels, but rather from market participants unwinding previous long-USD exposure.
Sterling, meanwhile, found support following the US credit rating downgrade. The GBP/USD pair pushed up near 1.3400, placing strain on the 1.3300 expiry (GBP 559 million), which becomes less influential unless we see a broader risk-off retracement. Traders holding short-dated directional positions should remain mindful of any sharp pricing action that might pull the pair back towards these lower levels, though it appears unlikely without a shift in broader risk sentiment.
The Dollar-Yen pair reflects a different energy. USD 1.2 billion at 146.50 and another USD 1.5 billion at 147.00 sit close enough to current spot levels to impact price through hedging flows, particularly as Japanese investors have been sensitive to yield differentials. Should we see an increase in US Treasury yields again this week, those expiry levels may offer boundaries, potentially holding the pair in their range. These volumes suggest some comfort in two-sided risk in this zone.
In USD/CHF, the USD 159 million at 0.8420 is minor and unlikely to hinder intraday price action, especially given market attention has been elsewhere. Swiss Franc movement has been muted absent of broader USD trends or domestic surprises, so any resulting volatility from this expiry seems limited unless unexpected headlines emerge.
Moving to AUD/USD, there’s AUD 563 million at 0.6525 and AUD 595 million at 0.6355. These expiry levels, although distant from the current spot, could offer some psychological anchors—not so much due to positioning near strike levels but possibly as re-engagement areas should volatility increase. If we consider the slower April data emerging from China, particularly in retail and fixed asset investment, the Australian Dollar could stay under pressure in the medium term, which adds gravity to the lower expiry region.
USD/CAD features expiries at 1.3675 and 1.3985 with values above half a billion USD each. The Canadian Dollar’s reaction might be somewhat more twitchy ahead of these levels if there is renewed oil price volatility or movement out of North America’s bond markets. When expiry strikes sit this far apart and carry moderate size, the focus often turns to volatility proximity—i.e., how close spot gets and how quickly. If momentum builds either way into options maturity, they’ll matter more. If price stays between, impact dilutes.
Finally, the NZD/USD pair presents NZD 1 billion around 0.5915. This size is not to be ignored, sitting reasonably close to where price action has paused. With China’s data weakness simmering under the surface, the Kiwi—being sensitive to Asia-Pacific developments—could continue facing downside pressure. If so, this expiry may act as a short-term draw, especially as risk sentiment deteriorates around global trade.
Gold trading closer to $3,250 hints at generally softer Dollar appeal and continued refuge-seeking behaviours. There’s added tension around macro indicators and trade negotiations, and that uncertainty keeps precious metals attractive. We expect derivative positioning to take cues from broader Fed tone and global risk appetite for the remainder of the month.
