The pair has been sliding all morning in Europe but demand noted down here.
After holding onto 1.1105 we've now had a brief look below, posting 1.1099, but that's been met with a move back up to 1.1118 helping to underpin the euro elsewhere too. A reminder that these options are "vanilla" which means they are still in play right up to expiry time.
I've been banging on about the impact of these lately in my look at the US NFPs and ECB both prior to and after the events.Whether you wish to believe in their effect is of course your prerogative but the sharp reversal from 1.0906 after NFPs and the lack of any real downward follow-through after the ECB rate announcement both owed more than a nod to these option interests.
With the US clocks going forward yesterday we will have today's expiries rolling off at 14.00 GMT not the usual 15.00 GMT therefore. Just a heads-up as the clock ticks round.
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