The Forex market trading week started rather quietly. The consumer confidence weak release in the euro area, as well as the ECB governor Mario Draghi’s speech about the loose monetary policy that will be preserved for a "long time" activated the euro/dollar bears, but they were not able to pull them forwards.
The US negative macroeconomic data also played its role. The August sales in the secondary housing market showed a decrease of 1.8% and this is the third release of a weak construction sector. The housing market is traditionally sensitive to changes in the economy and these reports are the first alarm bell for the GDP final release for the 3rd quarter.
The pair GBP/USD was growing up against the EUR/GBP cross-rate reduction, as well as the negative sales release in the US secondary market. It should be noted that the quotations growth is restrained.
Global stock markets overstock coupled with the US housing market weak statistics putting downward pressure on the pair USD/JPY. However, attempts to develop a corrective bearish movement were unsuccessful. The USD/JPY uptrend is still stable and very few factors can break it at the moment.