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Midday Forex Snapshot – November 9, 2017

Kiays Khalil

It`s time for the Midday Snapshot where we`ll see how traders have managed to work out the rate movements during the morning session on this Thursday. Euro/Dollar rose by 59 pips to climb back above the 1 16 level. This pair sees 43% more than typical funds and most of those have been driven by bearish expectations. The rate went in the opposite direction, making losses more likely for investors.

Pound/Dollar has seen its trend change and the pair was back near the opening level at noon. The Cable has attracted an average amount of funds and sentiment of the traders is neutral, 11% short. Shifting trend has provided both of the sides with their profit opportunities. Dollar/Yen has been on a steep slide and it puts the pair point 51% in the red at 12 o’clock. Turnover is the high and neutral sentiment of the traders is 8% short. Steep slide suggests a successful start of the day for the small majority of the traders that had short positions. Pound/Yen has dropped by more than 100 pips and a loss of point 46% was posted at midday. Trading has been active, the volume is high and long positions dominate by a massive 49%. The decline is in sharp contrast with the sentiment of the traders, making losses more likely. Euro/Yen’s decline was followed by a late rise, which has wiped out most of the losses. This pair sees more than double the monthly average funds and most of those have been driven by bearish expectations. Trading should be successful if it was done before the daily low was hit.

This article was originally posted on FX Empire