The Greenback started the week off on softer footing as investors bought up the Japanese Yen and the Australian Dollar. Asian shares were softer in overnight trading as nervous investors sold positions ahead of this morning’s US Pending Homes Sales report. The result was flows into the JPY as a safely play. Expectations are that Pending Home Sales in the US declined 1% in the month of June according to the Bloomberg consensus forecast. This is in sharp contrast to last month’s print of +6.7%. A soft Home Sales outcome diminishes the likelihood that the Federal Reserve will opt to cut any of its simulative measures this Wednesday when it makes is regular rate and policy announcements. The AUD also found good support as sentiment surrounding the Fed props up carry currencies like the Australian Dollar. It’s interesting to observe a scenario where the same sentiment supports both the Aussie and the Yen against the USD. This time last year such a thing would be unheard of. It’s another exciting week ahead in the world of currencies, particularly in the US. This morning’s Homes Sales data is really just an appetizer as far as American economic data is concerned. Consumer Confidence is on Tuesday, Wednesday has the FOMC & Advance Quarterly GDP,Thursday is Manufacturing PMI, and Friday will see monthly Non-Farms Payrolls and Unemployment statistics released. Elsewhere in the world of central banks, the Reserve bank of Australia is slated to make its regular rate & policy announcement during the Monday overnight session. Likewise the Bank of England and the European Central Bank are up on Thursdaymorning. There is no shortage of potentially market moving data coming out this week! Oh, and for good measure, Canadian monthly GDP is scheduled to be released Wednesday. Speaking if the Loonie, the USDCAD has now moved in on major multi-month trend support in the upper 1.0200/ 1.0300 area. It seems unlikely that the pair will any meaningful break ahead of Wednesday’s FOMC announcement and GDP data from both sides of the border. However sustained USD weakness due to near-term tapering sentiment puts the support in jeopardy. Tapering, baring a substantial economic setback, is widely expected by markets to commence in the fall. At which time the USD is positioned to make significant gains. Any move down in the USDCAD this week could present a buying opportunity for those with short and medium term needs. Further reading: US Pending Home Sales: -0.4% Japanese deflation is falling – USD/JPY follows David Starkey David Starkey David Starkey is a currency options dealer and market analyst for Cambridge Mercantile Group. A fascination with the everyday impact of globalization on society led David to pursue a degree in International Business from the University of Victoria. From there Forex was a natural fit. He has worked as a currency trader, risk manager, and hedging expert in both Canada as well as the United States for several non-bank brokers. Cambridge Mercantile Group. View All Post By David Starkey Forex News Today: Daily Trading News share Read Next GBP/USD Backs Away from Major 1.5400 Resistance James Chen 9 years The Greenback started the week off on softer footing as investors bought up the Japanese Yen and the Australian Dollar. Asian shares were softer in overnight trading as nervous investors sold positions ahead of this morning's US Pending Homes Sales report. The result was flows into the JPY as a safely play. Expectations are that Pending Home Sales in the US declined 1% in the month of June according to the Bloomberg consensus forecast. This is in sharp contrast to last month's print of +6.7%. A soft Home Sales outcome diminishes the likelihood that the Federal Reserve will opt to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.