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Dollar-yen: European open Y108.97,......>

YEN SUMMARY
YEN SUMMARY: Dollar-yen: European open Y108.97, range Y108.91-109.27, NY open
Y109.76, range Y108.74-109.40
*The pair received a lift in early NY, as US Tsys yields bounced off their lows.
The rate grinded towards the intra-day high of Y109.27.
*The release of soft US CPI triggered sharp dollar sales through
Y109.00, stops targeted and triggered on the break of Y108.80 extended to
Y108.74 before dip buyers cushioned falls.
*Having pared post US CPI release losses, yen crosses supported with
a move to fresh daily highs of Y109.40. Traders suggested Russian Foreign
Minister Lavrov remarks (Rtrs) that said there is a Russian-Chinese plan to
defuse situation, behind the move.
*The dollar pared back its gains, following a dovish tone from
the Fed's Kaplan as the rate dropped towards Y109.00.
*The pair remained in consolidation theme into the close, bouncing between
Y108.95-109.05.
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