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YEN SUMMARY: Dollar-yen: European open Y113.13, range Y112.96-113.38, NY open
Y113.37, range Y113.30-113.73
*The pair once again drifted on continued react to yesterday's Trump tax reforms
comment and indictment of three of his former team. Slippage to Y112.96
encountered Japanese megabank demand with a quick spike to the Y113.30 area.
*Broad based dollar demand in early NY, as US Tsys yields firmed witnessed the
rate print fresh session highs of Y113.47 before fading.
*The release of stronger-than-expected MNI Chicago PMI (66.2, prior
65.2) and highest since March 2011, lifted rate to fresh daily highs of Y113.50.
*A sharp drop in XAU, in reaction to the launch of Bitcoin futures exchange, saw
broad based pressure on the yen, with the rate printing fresh session highs of
Y113.53 before fading.
*A sharp jump in the pair, as month end rebalancing began, with
the pair spiking to fresh session highs of Y113.73.
*The pair slowly slipped into the NY close as US Tsys yields dropped