Euro heavy across majors as Germany slashes growth outlook

The euro is broadly pressured across major FX pairs amid Middle East tensions and a halving of Germany’s growth forecast, while the ECB remains on hold. Large EUR/USD option expiries (notably €14.2bn between 1.1600–1.1695, €2.6bn at 1.1700–1.1715 and >€2bn at 1.1795–1.1800) are the primary near-term anchors, likely capping volatility and providing downside support. EUR/JPY and EUR/GBP also face expiry-related resistance. The lone exception is EUR/CHF, which is firmer around 0.9187–0.9190 after a dip to 0.9160, prompting speculation of SNB intervention to limit franc strength. Overall market impact: euro weakness is likely to persist but option expiry clusters should constrain sharp moves and create defined support/resistance zones for traders.