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Dollar-yen: European open Y109.23,......>

YEN SUMMARY
YEN SUMMARY: Dollar-yen: European open Y109.23, range Y108.90-109.29, NY open
Y109.11, range Y108.64-109.00
*Recovery efforts remained shallow, reported bids at Y109.00 were taken out to
print extended pullback lows of Y108.90. Dip buyers emerged pushing the rate
towards Y109.10
*Broad based dollar pressure in early NY witnessed the rate dip under Y109.00.
*Continued on the defensive, moved through the European morning low
to Y108.80
*The dollar under renewed pressure in tandem with soft UST
yields, extended to fresh daily lows of Y108.60, before bouncing back towards
Y108.90.
*A fresh wave of dollar sales, as US Tsys Yields fell witnessed the
rate slip towards Y108.70.
*A turn in the dollar, following US Tsys yields and dollar short covering
witnessed the dollar grind back towards Y108.90.

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