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Demand at the NY crossover saw USDJPY....>

DOLLAR-YEN
DOLLAR-YEN: Demand at the NY crossover saw USDJPY peak at Y111.30, before
drifting to consolidate in narrow range trade. Bulls need a convincing break of
the Y111.45/50 area for the next leg higher. Focus turns to second quarter US
GDP at the bottom of the hour where it's expected to be revised down slightly to
a 4.0% pace of growth from the 4.1% advance initial estimate. Softer PCE growth,
reflected in the downward adjustment to retail sales in May and June, is
expected to drive the downward revision. The chain price index is forecast to be
unrevised at 3.0%. Reminder also of the very large $1.04bn Y111.20 expiry
rolling off at today's NY cut. USDJPY last Y111.25.

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