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YEN SUMMARY: Opened at Y92.68/131.88 after Y92.39/94.05 and
Y131.33/132.52 overnight ranges.
-- With risk-aversion the notional driver of trade, yen had kicked
higher overnight though remained off its best levels of the session, a
dollar bounce ahead of US trade stalling at Y92.75 as euro-yen stalled
at Y132.00. Dollar slid lower in early trade, retreating to Y92.23 area
before rebounding smartly as reported bids cushioned and as spurious
chatter of Japanese semi-official demand emerged, the pair lifting
quickly to Y92.60 and bringing talk of Swiss name buying, euro-yen
lifting off dip lows at Y131.02 for trade to Y131.70 before retreating
again. Euro rebounded for trade to Y131.80 while dollar began to broadly
weaken, slipping to Y92.30 by the London fixing and extending to Y92.12
on hefty sales by US custodial name, dragging cross back to Y131.40.
Dollar recovery stalled at Y92.35, a retreat to Y92.11 seen late in the
day, as euro-yen stalled at Y131.80 to end near Y131.50. |
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