Idea of the Day Markets have reacted to the deal reached over the weekend designed to curtail Iran’s nuclear ambitions. This had been a source of tension for many years and has impacted safe haven assets and oil on an on-going basis. Although there are several hurdles still to climb, including a sceptical US Congress, the deal has already seen an initial impact in markets. In FX, the yen has further weakened, underlining the reduced safe haven appeal of the Japanese currency, with gold weaker also. Oil prices have also moved lower in response, on the prospect of the lifting of sanctions. At present, the cap on limited oil sales to select countries remains in place, so on face value the move looks a little knee-jerk. Nevertheless, if sustained it would put further downward pressure on inflation, with low energy prices already responsible for a proportion of the lower inflation rates being seen in both then US and Europe. So while welcomed politically, it could be another headache for central bankers in Europe, pushing inflation lower and pressuring more policy measures from the ECB. Data/Event Risks USD: Just pending home sales data in the US today, which are seen recovering 1% from the 5.6% fall seen in September, but data generally not a big deal for the dollar. Latest FX News AUD: The Aussie finished what was its fifth week of losses against the US dollar on Friday. Last week it was helped by further comments from the RBA suggesting it was over-valued and subtle comments regarding intervention from Governor Stevens. EUR: The euro was once again showing some resilience in the latter half of last week. Not all currencies can fall, so that was left to the Aussie and yen. The euro regained the losses seen after Wednesday’s story on the potential for a deposit rate cut, which were undermined by subsequent comments from ECB officials. Last week’s high of 1.3579 will be the initial upside focus for this week. JPY: Key moves on the yen at the end of last week, breaking out to see USDJPY at a 4 ½ month high, with EURJPY at 4 year highs. It was not necessarily the case that there was a strong fundamental push for this, but there are a couple of themes bubbling beneath the surface. Firstly, a perception that the BoJ’s 2% inflation target is looking ever more distant. Secondly, upcoming changes to Nippon savings account and the possibility that this will push more Japanese savings overseas, something which has still remained largely illusive overall. Further reading: EUR/USD: Follows Through Higher USD/CHF: Weakens For Two Weeks In A Row FxPro - Forex Broker FxPro - Forex Broker Forex Broker FxPro is an international Forex Broker. FxPro is an award-winning online broker, offering CFDs on forex, futures, indices, shares, spot metals and energies, serving clients in more than 150 countries worldwide. FxPro offers execution with no-dealing-desk intervention and maintains a client-centric business model that puts customer needs at the forefront of our operations. Our acquisition of leading spot FX aggregator, Quotix, enables us to offer access to a deep pool of liquidity, as well as top-class order-matching and some of the most competitive spreads in the market. FxPro is one of only few brokers offering Negative Balance Protection, ensuring that clients cannot lose more than their overall investment. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration number: 509956). FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence number: 078/07) and by the South Africa Financial Services Board (authorisation number 45052). Risk Warning: Trading CFDs involves significant risk of loss. View All Post By FxPro - Forex Broker Daily Look share Read Next GOLD: Bearish, Looks To Weaken Further FX Tech Strategy 9 years Idea of the Day Markets have reacted to the deal reached over the weekend designed to curtail Iran's nuclear ambitions. This had been a source of tension for many years and has impacted safe haven assets and oil on an on-going basis. Although there are several hurdles still to climb, including a sceptical US Congress, the deal has already seen an initial impact in markets. In FX, the yen has further weakened, underlining the reduced safe haven appeal of the Japanese currency, with gold weaker also. 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