This study investigated the impact of word-initial letters and contextual predictability on eye movements during reading. In two experiments, we manipulated the constraint of the target word's initial trigram (e.g., dwarf or clown) within contexts of varying predictability. Experiment 1 followed a normal-viewing reading paradigm, while Experiment 2 employed gaze-contingent magnification to enhance parafoveal text. We employed Bayesian ex-Gaussian mixed models to determine the effects of word-initial trigram, contextual predictability and parafoveal preview manipulations on the centre and skew of fixation durations specifically. We found that parafoveal magnification enhanced parafoveal identification of word-initial letters, but this effect was only observable for less predictable and challenging words. During target word fixations, word-initial trigrams were shown to contribute to lexical selection for all words, regardless of preview manipulation. Our results elucidate the dynamic impact of word-initial trigram information across parafoveal and foveal processing, whilst demonstrating the utility and potential of parafoveal magnification as a novel tool for studying the scope and limits of parafoveal processing during reading.