USD: Just existing home sales and the Chicago Fed activity index released today. The home sales data is expected to show continued signs of improvement, seen rising at 5.25mln from May’s reading of 5.18mln. Such a reading would be a welcome boost for the US economy as the improvement in housing seen through last year has flattened out during the first half of this year. It would take a strong number to lift the dollar significantly, which remains focused on labour market data. Idea of the Day The yen finds itself firmer overnight on the back of the all-important election results. The Upper House elections had put the reform agenda on hold, but with Abe’s LDP party having gained a majority (together with junior coalition partner), the results are seen as giving ‘Abenomics’ a much needed boost. So why is the yen firmer? On one level, it’s a curious reaction given that Abenomics has proven to be mostly yen negative so far. But the third ‘arrow’ of structural reforms aimed at boosting competitiveness is perhaps the least yen negative one, not least because the rewards from such measure (in higher growth, and eventually inflation) are likely to be years more than months in the making. So today is more a “sell the rumour, buy the fact” move from the yen, having been the weakest performer on the majors over the past week. That said, it does underline what we’ve previously stated, namely that we are not heading for another period of yen depreciation matching the pace of earlier in the year. Latest FX News JPY: Results so far show the ruling LDP has gained enough seats to secure a majority in the upper house (helped by junior coalition partner New Komeito) , giving it control of both houses of parliament for the first time in 5 years. The yen was firmer on the news, once again nudging below the 100 level, whilst stocks ended in positive territory from a weaker start. CAD: Friday saw inflation data come in at 1.2% YoY, from 0.7%, with the core rate printing 1.2%. The CAD is currently sitting on the 50-day moving average at 1.0354. AUD: The Aussie remains in a period of consolidation, having traded through the 0.92 level for the past five sessions. Focus this week is on quarterly inflation data released on Wednesday, which is seen holding steady at 2.5%. Further reading: EURUSD questions for this week 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 Forex News Today: Daily Trading News share Read Next OANDA launches automated technical analysis powered by Autochartist Yohay Elam 9 years USD: Just existing home sales and the Chicago Fed activity index released today. The home sales data is expected to show continued signs of improvement, seen rising at 5.25mln from May's reading of 5.18mln. Such a reading would be a welcome boost for the US economy as the improvement in housing seen through last year has flattened out during the first half of this year. It would take a strong number to lift the dollar significantly, which remains focused on labour market data. 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