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Dollar-yen: European open Y113.91,......>

YEN SUMMARY
YEN SUMMARY: Dollar-yen: European open Y113.91, range Y113.73-114.03, NY open
Y113.99, range Y113.75-Y114.28
*Persistent demand via the crosses finally made a break of Y114.00, touched
extended highs of Y114.03 before fading ahead of NY.
*The release of strong US ADP Employment data (235k vs median 200k)
spiked to react highs of Y114.19, before lower revisions countered.
*Minor slippage off the high to Y114.19 after the release of marginally
weaker-than-expected US ISM mfg data.
*Following US Tsys yields losing ground and XAU rallying, the rate 
dropped to pullback lows of Y113.86 before meeting demand and grinding back
towards Y114.00.
*The dollar came under a little pressure after the FOMC with a
December hike still very much in play. The pair has dropped towards Y113.70, US
Tsys yields bounced and the rate grinded towards Y114.00.
*Another wave of dollar demand, as US tsys yields continued to gain, saw the
rate grind towards Y114.20 into the NY close. 

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