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Session Recap: Low volume; USD/JPY above 104.00

FXStreet (San Francisco) - The Dollar consolidated gains on Monday as the Greenback advanced versus the Canadian Dollar and the Japanese Yen while it maintained levels against Euro and Pound.

"The buck spent the US session mostly backing and filling with EUR/USD rallies limited to the 1.3210 area during the US morning," Jamie Coleman from FXBeat commented in a recent report. "Overnight lows at 1.3185 were not retested in New York, with lows around 1.3190 seen."

EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bearish.

The USD/JPY jumped to 104.45 overnight while the pair was trading slightly down in the American session; however the movement was mostly consolidative and it held above the 104.00.

Main headlines in the American session

United States Chicago Fed National Activity Index increased to 0.39 in July from previous 0.21

US Markit services PMI 58.5 vs 58.0 expected

United States Markit PMI Composite dipped from previous 60.6 to 58.8 in August

US July new home sales 412K vs 429K expected

United States Dallas Fed Manufacturing Business Index fell from previous 12.7 to 7.1 in August

Wall Street jumps; S&P above 2000 for first time

New Zealand’s trade balance eyed - RBS

According to RBS FX Strategists, New Zealand’s trade balance for July, due at 22.45 GMT, may slip into deficit for the first time since last October, adding that "China previously reported that in July its trade deficit with New Zealand narrowed from $440mn to $350mn."
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FOMC’s 'forward guidance' to see major changes - Nomura

It seems likely that there will be major changes to the FOMC’s “forward guidance” at the meeting in September, after what we saw last week, notes Nomura Economists.
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