As the USD failed to build on gains......>

DOLLAR-YEN: As the USD failed to build on gains above Y106.00, trade volumes

remained light in the European morning held to a narrow Y105.85-106.18 range. A

break of the Asia low (Y105.79) opens reported bids through Y105.70/50. Focus

turns to US data at the bottom of the hour from Weekly Jobless Claims,

Import/Exports, Empire mfg and Phila Fed. The level of initial jobless claims is

expected to fall by 3,000 to 228,000 in the March 10 week after a 21,000 rebound

in the previous week. The Empire State index is expected to rebound to 15.0

after falling to 13.1 in February, while the Philadelphia Fed reading is

forecast to dip slightly to a reading of 24.0 after rising to 25.8 in February.

Usd/Jpy last Y105.95. 

Option-expiries: Y105.95-106.00($912mn), Y106.40($305mn), Y106.50($600mn),

Y106.95-107.00($4.37bn), Y107.65($368mn).