There are no major FX option expiries to note for the day, with the full list available below.

Market sentiment heading into European trading later in the session is more defensive, as attention remains fixed on the selloff in technology shares. Asia has seen a heavy rout, and while European indices are less technology-focused, that is likely to shift more attention to US equities later in the day.

S&P 500 futures are already down 0.3%, while Nasdaq futures are down 1.0% as concerns around artificial intelligence continue to spread. The moves set the stage for a more cautious few days ahead, with major technology earnings on the calendar. Meta, Microsoft, Amazon, and Apple are among the key companies reporting this week, and those results are likely to shape the broader market tone in the days ahead.

That backdrop may also influence major currencies, since shifts in risk appetite often filter quickly into dollar demand and broader FX positioning. Dollar sentiment could again be an important driver, alongside month-end flows.

For today, however, there is nothing on the expiries board that is likely to meaningfully affect trading. As a result, sentiment and the dollar are expected to be driven by other factors. The more important themes will be the broader risk mood and US-Iran headlines.

Accordingly, price action today is expected to revolve around those developments rather than any predefined narrative from the expiries board or the technical setup.

One pair to watch is USD/JPY, which is edging toward 164, with intervention risks still in focus. However, the Ministry of Finance may not react yet ahead of the Bank of Japan policy decision on Friday, leaving traders focused on whether the pair can hold near recent levels into that event.

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