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Net Purchases Of International Bonds Slow


(H3) Fades Off Highs


Pressured After Strong ISM Prices


(H3) Edges Off February Lows

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A slow start to the new trading day,.....>

DOLLAR-YEN: A slow start to the new trading day, the dollar holding a tight
Y110.41 to Y110.57 range. Both Nikkei and UST's have opened a tad lower, but not
noticeably so. Demand is touted below Y110.40 and Japanese exporter supply is
reported between Y110.80 and Y111.00, with stops above Y111.10 on the radar.
Notable option strikes include Y110.45-50($1.06bn) and Y111.00($894mn). Further
range trading would seem likely ahead of the European open. Key resistance is
located at Y110.91 (50% fib Y114.49-Y107.32), while initial hourly support is
located at Y110.38. Dollar-yen was last at Y110.45

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