Daily Forex Tips - June 2nd - 2009

Source: www.forextvblog.com

Here are several important events to focus on today: 8:30 GMT: GBP Construction PMI · It’s a leading indicator of economic health - businesses react quickly to market conditions. · This figure is forecast to make a slight improvement from the previous reading. · After this release, it might create volatility in the market. · Very positive result might push the GBP/USD further up. 14:00 GMT: U.S Pending Home Sales · Change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction. · It’s a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. · This release is expected to be lower than previous figures. · Meaning the USD could continue to show further bearishness today. · If the results turn out to be better than forecasts, then the Dollar may record a fairly bullish session in today’s trading. Tips on Gold · Gold rose significantly in the month and hit a three month high above $987 per ounce. · High gold prices supported by a weaker dollar · As for today, Gold might see a downward correction · Target price maybe as low as $965.


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