July 22: after Japanese elections

July 22, 2013

US dollar has weakened versus the most of its counterparts. EUR/USD rose from $1.3135 today, but was capped by the $1.3170 area. GBP/USD edged up almost reaching $1.5200. There are no releases scheduled in the euro area and Britain on Monday. The market players are waiting for the UK BBA Mortgage approvals data at 08:30 GMT tomorrow. The US will publish existing home sales at 14:00 GMT. 

USD/JPY was a big mover in the Asian trade: the pair opened at 100.40, rose to 100.60 and then plummeted to 99.60. As of writing, the pair recovered to 100.00. Yen initially strengthened as Japan’s ruling party failed to win an independent majority in upper-house elections. USD/CHF dipped to 0.9385 before recovering to 0.9400.

AUD/USD opened the week with a gap down at $0.9180 and strengthened to $0.9230. According to the Australian press, the Treasury is expected to revise down Australia’s forecast growth rate, and to make upward revision to the budget deficit. NZD/USD rose to $0.7940. USD/CAD slid to 1.0350.

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