Monday May 24, 2010 - 14:58:20 GMT
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SNAP GVI Forex Professional Trader Forex Survey Results- 24 May 2010
SNAP GVI Forex Professional Trader Forex Survey
May 24 (global-view.com) There is a strong consensus on the outlook on where the EURUSD will close on Friday (May 28) in Europe. Responses remain bearish on the pair, with the vast majority looking for a close between 1.2300 and 1.2500. Very few see it higher. The dominant factor expected to influence trade in the EURUSD was the European debt situation again and a fear of a growing European debt contagion. A highly select group of professional forex traders were polled by global-view.com on Sunday May 23 and early-Monday May 24.
The distribution of USDJPY responses was as concentrated. They favor a stronger USD/JPY. Results favor a Friday European close from 90.00 to 92.00. A range of factors were noted as significant in this relationship this week. All were focused on official support operations by the Japanese government. Others are also watching entries and exits from risk trades.
Global-View.com cautions that this survey is a snapshot of current sentiment and that forex market sentiment tends to be dynamic. This means that forex market sentiment will evolve over time.
GVI Forex is a private subscription service of Global-view.com. GVI Forex posters are limited to experienced traders. The service is open for viewing by traders of all levels of experience. This weekly sentiment poll is conducted on Mondays for the close of that week and is intended for forex trading. The focus of this sentiment snapshot is on expected directional movements in the EURUSD and USDJPY pairs and on what factors are currently in play for the select group of fund managers and institutional and private traders invited to participate.
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