Monday May 3, 2010 - 14:57:22 GMT
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SNAP GVI Forex Professional Trader Forex Survey Results- 3 May 2010
May 3 (global-view.com) Again there was a strong consensus on the outlook on where the EURUSD will close on Friday (May 7) in Europe. Responses remain bearish on the pair, with the vast majority looking for a close between 1.3100 and 1.3300. Virtually no one saw it higher. The dominant factor expected to influence trade in the EURUSD was the Greek debt situation again and a fear of a growing European debt contagion (Spain and/or Portugal?). Some also cited the U.K. election this week and U.S. payroll data on Friday. A highly select group of professional forex traders were polled by global-view.com on Sunday May 2 and early-Monday May 3.
The distribution of USDJPY responses was once again less concentrated, but they mostly favor a stronger USD/JPY. Results tended to favor a Friday European close from 94.00 to 95.00. A range of factors were noted as significant in this relationship this week. Many were focused on interest rate differentials between the U.S. and Japan. Some felt the Bank of Japan would be supporting the pair if the 92.00 level if it gats tested, while others will be 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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