Early gains above Y107.00 were largely...>

DOLLAR-YEN: Early gains above Y107.00 were largely eroded overnight as the pair

held a narrow Y106.79-107.10 range. Supply ahead of the Tokyo fix took the rate

back under Y107.00, touched Y106.79 before dip buyers cushioned to consolidate

for the balance of the session. Demand is reported to build at Y106.50, further

bids are placed behind through Y106.10/00. Last Y106.88.

- A busy US calendar today starts with Durable Goods at 1330GMT, the data is

expected to show a fall by 2.5% in January, reversing the 2.8% gain in December.

- Federal Reserve Chair Jerome Powell's semi-annual monetary policy statement to

be released at 1330GMT, before he appears in front of the House Financial

Services Committee at 1500GMT.

- Option expiries: Y105.00($470mn), Y107.35($560mn), Y107.45-50($440mn), Y108.65

($531mn).