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YEN SUMMARY: Dollar-yen: European open Y110.50, range Y110.41-67, NY open
Y110.60, range Y109.91-110.66
*A mixed batch of US data release saw very little market reaction with
dollar-yen holding Y110.50/65.
*The release of soft US Pending Home Sales took the rate on to
extended pullback lows of Y110.29, before bouncing back over Y110.40.
*Broad based dollar pressure at the 4pm month end re-balancing saw the rate drop
to a new intra-day low of Y110.03.
As the fix finished the rate jumped back towards Y110.20.
*In reaction to Mnuchin comment "having weaker USD is somewhat
better for US trade" saw the rate crash through Y110.00 triggering stops. The
pair printed a new intra-day low of Y109.91 before bouncing towards Y110.20, as
US Tsys Yields firmed XAU and oil fell from their highs.
*The dollar slipped as US Tsys fell and commodities rose with the rate falling
to a new low of Y109.88.