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European open Y112.64, range............>

YEN SUMMARY
YEN SUMMARY: European open Y112.64, range Y112.35-112.65, NY open Y112.39, range
Y112.32-112.94
*Broad based dollar demand, following US Tsys yields rising witnessed the rate
jump from its intraday low of Y112.32 towards Y112.50 in early NY.
*Received a minor lift to Y112.60 after the release of in-line US ADP
Employment data.
*Much stronger-than-expected US ISM Non-mfg (59.8 vs median 55.5)
triggered broad-based dollar demand. Rate touched extended react highs of
Y112.91 before fading.
*Following US Tsys yields slipping the rate followed suit, this
combined with sellers ahead of Y113.00 witnessed the rate drop towards Y112.65.
* A fresh wave of dollar demand, as US Tsys yields spiked saw the
rate climb towards Y112.90 before meeting model supply ahead of Y113.00.
*The rate printed a fresh intra-day high of Y112.94, following
large eur/yen demand.
*Dollar profit takers emerged into the close with the rate drifting to Y112.75.

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