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Midday Forex Snapshot – November 8, 2017

Kiays Khalil

Euro/Dollar’s rate movement has been flat, but the pair has attracted a typical amount of funds. The sentiment of the traders is neutral, at an even balance. Calm rate movement is what suggests no significant shifts in trading accounts are likely. Pound/Dollar has been moving South and decline has resulted in a loss of point 4%. The Cable sees 33% less than typical funds and neutral sentiment is 7% long. Bearish rate movement has provided solid profit opportunities for those who had short positions.

Dollar/Yen declined by 41 pips from the daily high and a slight loss was recorded at midday. Turnover is low and sentiment of the traders is neutral, 7% short. Decline makes a successful morning session more likely for bearish market players. Pound/Yen dropped by almost 100 pips to trade point 52% in the red at noon. Traded volume is low and most of the market players have been forecasting the pair to decline. It did go per those expectations and only the slow trading approach limits upside potential. Euro/Yen moved South by 48 pips hours into the trading day and the pair sees 65% more than typical funds. Most of those have been driven by bullish expectations. The late decline has brought risks for investors.

This article was originally posted on FX Empire