Free Trial

Dollar-yen: Oct31 close Y113.66, Nov1...>

YEN SUMMARY
YEN SUMMARY: Dollar-yen: Oct31 close Y113.66, Nov1 Asia range Y113.61-96, Europe
Y113.73-114.03
*Euro-yen: Oct31 close Y132.37 Nov1 Asia range Y132.34-60, Europe Y132.40-76
*The dollar gained a fresh bid tone overnight, news that PM Abe is to order an
extra budget and 'excellent  progress' on the US tax bill encouraged firmer UST
yields to Y113.94
*Post-fix the pair drifted to hold either side of Y113.85 
*Minor pullback into Europe was met by fresh dip buyers ahead of Y113.70, rate
was quick to pare losses, squeezed to Y113.96 before supply ahead of Y114.00
countered
*Persistent demand via the crosses finally made a break of Y114.00, touched
extended highs of Y114.03 before fading
*Traders look to the key area of Y114.45/49 (Oct27 high - GDP react, Jul11 high)
for the next leg higher
*Euro-yen held a firm tone throughout the session, gains extended from Y132.40
to Y132.76 before light profit take sales eased off the high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.