The morning session is over on this Wednesday, so let's see how things have been shaping up for the market players.
Euro/dollar has limited rate movement of 35 pips and traders have shown little interest in trading this pair, volume is extremely low. Neutral sentiment is 8% short. Both the narrow price movement range and passive trading approach suggest no significant profits or losses should be expected.
Pound/Dollar rose after 7 AM, but a following drop took it back South of the 1 30 level. The Cable sees a typical amount of funds and most of them have been in long positions. Trading should be successful if it was done during the brief surge after 7 o’clock.
Dollar/Yen moved slowly lower by a total of just 21 pips, but the pair has attracted an average amount of funds. Most of the funds were in long positions, sentiment is bullish. Gradual decline has brought some risks, but the narrow price movement range is the cushion.
Pound/Yen’s rise was followed by a sharp decline, which puts the pair point 26% in the red. Traded volume is average and neutral sentiment is 7% long. Both sides have had their profit opportunities as the rise was followed by a decline.
Euro/Yen has been trending South by 45 pips to hit the daily low of 129. Turnover is low and sentiment is neutral, long positions outweigh short ones by 7%. Gradual decline makes profits more likely for those who were in short positions.
I’m Kiays Khalil and that's all for Wednesday's Midday Snapshot.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.