Insights 
VT 
FX option expiries for October 10 at the New York cut include several currency pairs. EUR/USD expiries see notable amounts at levels such as 1.1500 with 3.3 billion euros and 1.1800 at 3 billion euros.
GBP/USD has expiries at 1.3400 for 990 million pounds, while USD/JPY shows 619 million dollars at 149.75 and 153.50 with 906 million dollars. AUD/USD expiries include 742 million AUD at 0.6545.
USD/CAD Expiries
For USD/CAD, there are 590 million dollars at 1.3475, not reaching the 1.4000 mark. The Canadian Unemployment Rate is anticipated to rise, suggesting a cooling labour market.
US tariffs continue to operate as a key foreign policy tool. Recently, the US has reiterated its use as an effective policy measure, despite little attention from daily news.
In acquisitions, Coinbase and Mastercard are competing for stablecoin firm BVNK, in a deal worth between $1.5 billion and $2.5 billion. Market movements remain brisk, with expert insights offered through the Orange Juice Newsletter.
Information provided includes risks of forward-looking statements, underlining the need for individual research before investment. Readers are reminded of the potential for substantial financial losses.
EUR/USD Concentration
For EUR/USD, we are seeing a significant concentration of option expiries today, with over €17 billion clustered between the 1.1500 and 1.1850 strikes. This suggests these levels will act as powerful magnets for the spot price, potentially limiting any major breakouts until after the New York cut. Traders should anticipate range-bound activity and consider strategies that benefit from price hovering around these key figures, such as selling short-term volatility.
The US Dollar’s recent strength is pausing as the market awaits fresh data, specifically the University of Michigan Consumer Sentiment report later today. We’ve seen the latest US CPI data released on October 8th, which came in slightly cooler than expected at 3.1% year-over-year, fueling bets on a future Fed rate cut. This underlying theme suggests any significant USD rally on strong sentiment data could be a selling opportunity in the weeks ahead.
In Canada, expectations are firming for a cooling labour market, with the upcoming unemployment report likely to show an increase. We recall the Bank of Canada already cut rates by 25 basis points back in July 2025, and a weak jobs report would reinforce expectations for further easing. This keeps the path of least resistance pointed towards a weaker Canadian Dollar, making long positions in USD/CAD attractive, especially on any dips below the 1.3900 handle.
Persistent US tariff policies remain a key source of underlying support for the US Dollar as a safe-haven currency. This policy was reinforced just last week during trade talks where no concessions were made on existing import duties, creating ongoing uncertainty for global growth. This environment favors holding USD against currencies with more dovish central banks or direct trade exposure.
Gold is currently struggling below the significant $4,000 per ounce level, caught between a strong dollar and supportive factors like geopolitical risk and potential US government shutdowns. We haven’t seen a sustained break above this price since the brief spike during the geopolitical flare-ups of early 2024. Until there is a clearer catalyst, gold may remain under pressure, although downside seems limited given the macro risks.
Meanwhile, GBP/USD is finding some stability near 1.3300 but lacks clear bullish conviction. Cautious commentary from Bank of England officials this past week about persistent services inflation suggests they are in no rush to cut interest rates. This is providing a floor for the pound and could lead to the pair trading sideways in the near term, especially when compared to the clearer dovish signals from other central banks.
