Quoting Spectre2006DislikedThe housing sector created most of the jobs this last expansion period. If you look at national statistics and local reports, huge inventories are building up in unsold homes. This huge capacity, and inventory is very deflationary. Look at the copper and aluminum charts. Also look at gold, and soon to be oil, they are all pointing to a deflationary period.
Since FOMC is next data set to be opined over. You will see a reflection of USD weakness in all pairs, except emerging markets.Ignored
From what you say, then we may see a drop in new home sales this week.
As to what will occur with oil, I would imagine that that would be closely tied to events in the Middle East at present, as well as what occurs in the US during the soon-to-start hurricane season.