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Dollar-yen: European open Y109.78,......>

YEN SUMMARY
YEN SUMMARY: Dollar-yen: European open Y109.78, range Y109.75-110.17, NY open
Y109.86, range Y109.86-110.44
*Momentum type accounts triggered stops through Y110.05, gains extended to
Y110.17 before fading, in early European trade
*As US Tsys Yields firmed in early NY, the pair followed suit rising towards
Y110.10
*The release of much stronger-than-expected US ADP Employment data
(237k vs median 185k) triggered renewed dollar demand to print fresh daily highs
of Y110.22.
*The dollar received a further lift to Y110.44 on strong upward revisions to US
2Q GDP before meeting the reported supply placed here.
*The pullback off post GDP react highs (Y110.44) extended to Y110.10
with added weight via the crosses, before grinding towards Y110.25.
*As US Tsys yields firmed and concerns over N.K subsided, the rate
grinded towards Y110.40.
*The rate slipped towards Y110.25 into the NY close, as NY squared up.

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