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Dollar-yen: Europe open Y113.60,........>

YEN SUMMARY: Dollar-yen: Europe open Y113.60, range Y113.53-76, NY open Y113.56,
range Y113.03-113.69
*Rate pared European morning gains with soft UST yields, touched pullback lows
of Y113.53 before support from the Asia low cushioned falls.
*The arrival of NY witnessed firmer US Tsys yields, with the rate grinding
towards Y113.70.
*The dollar under renewed selling pressure moved through the Asia low
with slippage extending to Y113.37.
*Broad based dollar demand, as US Tsys yields rose of their session
lows, saw the rate grind to recovery highs of Y113.54 before fading.
*A drop in US Tsys yields combined with XAU getting a lift witnessed
the rate drop to fresh intra-day lows of Y113.20.
*The dollar remained under pressure as traders continued to turn to yen, chf and
gold as a safe haven. This came as a Bloomberg source story reported the tax
plan maybe phased in over 5 years. The pair went on to print fresh session lows
of Y113.05, before paring losses and grinding towards Y113.25., before fading.

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