Midday Forex Snapshot – December 11, 2017

Strong U.S. Data Buoys the Dollar·FX Empire
Jessica Walker
Updated
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We’re halfway through this week’s first trading day, so let’s look back at the rate movements and trader performance. Euro/Dollar is off to a modestly bullish start, and a gain of 36 pips leaves it point 2% in the green at noon. Traded volume is in line with the monthly average, and the neutral trader’s sentiment stands at 11% short.

Bulls have been in better positions so far. The Cable was point 13% down from the opening level following a drop of 89 pips. Trading has been slow, and the neutral trader’s sentiment stands at 5% long. Success depends on timing as the rate saw some rather dramatic shifts during the day. Dollar/Yen started moving lower after 1 AM, and a loss of 37 pips left it point 19% down from the opening level at 12 o’clock. This pair sees a quarter less funding than usual, and the sentiment is neutral at 8% short. Trading should be successful for bears. Pound/Yen plunged by 104 pips after 7 o’clock, and the total loss reached point 32% at midday. This pair sees the usual amount of funding, and bearish positions prevail by 27%. Success is likely, particularly with good timing. And Euro/Yen was back near the opening level after walking in the total range of 34 pips. Trading has been slower than usual, and the sentiment of traders is neutral at 8% short. Both the low volume and narrow rate movement will probably limit any shifts in funds.

This article was originally posted on FX Empire

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