Midday Forex Snapshot – September 28, 2017

Euro/Dollar started moving higher after 6 o’clock, and the total gain reached point 2% at noon. Traded volume is in line with the monthly average, and the neutral traders’ sentiment stands at 5% short. The overall trend has been more favorable for bulls.

The Cable’s initial decline was followed by a gain of 84 pips, which brought it point 13% in the green at midday. This pair sees the usual amount of funding, and most traders had anticipated a rise, as long positions are up by 16%. Success clearly was possible, but the timing was important as well. Dollar/Yen’s trend shifted halfway through the session, and a loss of 60 pips left it to 1.21% down from the opening level at 12 o’clock. Trading has been somewhat slower than usual, and the neutral trader’s sentiment stands at 2% long. Success depends on timing, although the trend was somewhat more favorable for bears. Pound/Yen was back near the opening level after walking in the total range of 94 pips. Traded volume is 29% down from the monthly average, and the sentiment is neutral at 9% long. Both sides had their chances, although the low volume will probably limit any profits. And Euro/Yen stood just a fraction in the red at midday, having moved by 49 pips during the session. Trading has been slow, and the sentiment is bearish at 29% short. Some success was possible with good timing, although the low volatility and narrow rate movement both suggest limited shifts in funds.