This is the Midday Snapshot where we`ll see how the sentiment of the traders compares with the actual rate shifts for the 5 currency pairs.
Euro/Dollar has been moving slowly lower by a total of only 30 pips to hit the low of 1 1190. Traded volume is average and most of the market players have been forecasting the rate to head higher. Gradual downtrend makes losses more likely for investors.
Pound/Dollar hit the low of 1 3287 hours into the trading day, but a following rise has wiped out all of the loss. Traded volume is average and sentiment of the traders is neutral, just 1% long. Both sides have had their chances as the rate rose from the daily low.
Dollar/Yen has walked in a relatively narrow range of 63 pips, attracting a typical amount of funds. Sentiment of the traders is neutral, standing at a balance. Moves in funds shouldn’t be significant as the rate movement has been mostly calm.
Pound/Yen’s trend has changed and only a slight gain was posted at 12 o’clock. Trading has been slower than usual, volume is low and the neutral sentiment of the traders is 9% long. Success depends on timing of the trades, but the passive trading is what should limit moves in funds.
Euro/Yen’s day has been relatively slow – high and low difference is just 68 pips. Traded volume is average and most of the traders have been forecasting the rate to head higher. The generally narrow price movement range suggests no major moves in trading accounts are likely.
I’m Celeste Skinner and that’s it for Wednesday’s Midday Snapshot, but we`ll be updating these stats on an hourly basis, so stay tuned.
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