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*Aug15 dollar-yen open Y109.63, range...>

YEN SUMMARY
YEN SUMMARY: *Aug15 dollar-yen open Y109.63, range Y109.61-Y110.23
*Dollar-yen opened in Asia toward the upper side of yesterday's Y109.00 to
Y109.80 range, where firmer US yields, hawkish rhetoric from Fed's Dudley and
higher European and US equities placed the yen on the defensive.
*Risk-appetite was again on the rise during the Asia session, reports that N
Korea had dialled back their threats towards Guam and as Trump said he is to
sign an executive order on infrastructure spending tomorrow encouraged yen
weakness, the dollar rose steadily from the mid-Y109.70's to Y110.00
*Tokyo-fix related demand saw the dollar extend further to Y110.23.
*For the balance of the session consolidation was the theme, the pair held to a
tight Y110.14-23 range.
*US Retail Sales provides the event risk for the session(s) ahead, which also
includes German Q2 GDP (cross flows)

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