3Jun
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IForex Market Trading Signals and News of 03rd June 2014

TRADING TIPS :

➔Forex – EUR/USD trims losses but remains under pressure
➔Forex – GBP/USD holds steady after disappointing U.S. data

EUR/USD
➔EUR/USD pulled away from 1.3594, the pair’s lowest since May 29, to hit 1.3619 during U.S. morning trade, still down 0.09%.In a report, the Institute of Supply Management said its manufacturing purchasing managers’ index ticked down to 53.2 in May, from a reading of 54.9 the previous month, confouding expectations for a rise to 55.5.Meanwhile, the single currency remained under pressure after data on Friday showing that the annual rate of inflation in Italy and Spain slowed in May added to expectations that the ECB will take steps to tackle low consumer price growth, which is threatening the fragile recovery in the single currency bloc.Earlier Monday, official data showed that German consumer price inflation accelerated at an annualized rate of 0.9% last month, down from 1.3% in April. Analysts had expected German consumer prices to rise by 1.1% in May.

GBP/USD
➔GBP/USD hit 1.6768 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.6754, inching up 0.01%.Cable was likely to find support at 1.6693, the high of May 29 and resistance at 1.6816, the high of May 28.In a report, the Institute of Supply Management said its manufacturing purchasing managers’ index ticked down to 53.2 in May, from a reading of 54.9 the previous month, confouding expectations for a rise to 55.5. The data came after a string of disappointing U.S. economic reports on Friday dented optimism over the strength of the country’s economic recovery.In the U.K., Markit research group said the U.K. manufacturing PMI ticked down to 57.0 in June, from a reading of 57.3 the previous month, in line with expectations.

RECOMMENDATION :

1. Buy GBP/USD Above 1.6790- TG: 1.6810/ 1.6840 SL 1.6760
2. Sell GBP/USD Below 1.6730- TG: 1.6710/ 1.6670 SL 1.6760

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