Dollar slips against yen after Japan's upper house election

The U.S. dollar weakened against major currencies on Monday after Japan's Liberal Democratic Party (LDP) led by Prime Minister Shinzo Abe won the parliament's upper house election. As the ruling camp, LDP and its coalition the New Komeito Party won majority seats in the upper house election on Sunday, it has put an end to the country's "twisted Diet," which would make it easier for Abe to launch more stimulus economic policies. Analysts said investors had sold the yen before the election and the yen strengthened on Monday as they took profits from the positions. The dollar also retreated against the euro to a month low as Portuguese President Anibal Cavaco Silva said the current government will stay in office to secure international bailout. On the economic front, U.S. existing-home sales declined in June, according to the National Association of Realtors, missing market expectations. Total existing-home sales dipped 1.2 percent to a seasonally adjusted annual rate of 5.08 million in June from a downwardly revised 5.14 million in May. In late New York trading, the euro rose to 1.3190 dollars from 1.3136 dollars of the previous session and the British pound increased to 1.5357 dollars from 1.5262 dollars. The Australian dollar climbed to 0.9244 dollars from 0.9193 dollars. The dollar bought 99.58 Japanese yen, lower than 100.24 yen of the previous session. It edged down to 0.9362 Swiss francs from 0. 9413 Swiss francs and moved down to 1.0341 Canadian dollars from 1. 0369 Canadian dollars.