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Dollar-yen: European open Y111.01,......>

YEN SUMMARY
YEN SUMMARY: Dollar-yen: European open Y111.01, range Y110.94-111.44, NY open
Y111.36, range Y110.96-111.71
*The dollar gains a fresh bid tone to Y111.45, coinciding with the
eur-usd move back under $1.1700.
*Despite the release of much stronger-than-expected US Durable Goods
(+6.5% vs median +3.7%), mixed component readings countered as the pair slips
from initial react highs of Y111.44 to hold Y111.35/40.
*As US Tsys yields firmed the rate followed suit grinding to a new intra-day
high of Y111.54, before slipping towards Y111.30
*The dollar received a lift following month end rebalancing at the 4PM WMR. The
rate printed a new intra-day high of Y111.71.
*In a risk off move the pair collapsed from its intra-day
high of Y111.71 to pullback lows of Y110.96 before tier 1 names were reported
buying, pushing the rate back over Y111.10.
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