FX option expiries for 24 February 10am New York cut ...Middle East

They are for EUR/USD at the 1.0500 and 1.0525 levels. The euro is underpinned after the German election results over the weekend. The result sees Friedrich Merz's CDU/CSU alliance take charge, with coalition negotiations now in the works. They'll have to either team up with SPD and Greens as potential partners. Given how the SPD's influence is waning, Merz is likely to want to team up with the Greens instead surely.

If Germany moves to relax the debt brake - allowing for more public investment into infrastructure, green energy, etc - then that could bolster growth and lead to increased government spending in the short-term.

Circling back to the expiries, with the euro underpinned as such, we could be eyeing at a firm break of 1.0500. That will see the expiries act as a defensive layer in keeping the single currency more bid throughout the day as buyers look to use that as a platform for a stronger upside break this week.

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This article was written by Justin Low at www.forexlive.com.

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