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FOMC delivered the much expected 25bps...>

MNI (London)
DOLLAR-YEN: FOMC delivered the much expected 25bps cut at Wednesday's FOMC
meeting, but the accompanying statement dampened down thoughts that another one
would be coming along close behind. Comments acted to boost the USD and took
USD/JPY to a high of Y109.00 in NY before it eased back to Y108.75/80 into the
close. Opening Asia extended the pullback to Y108.71 before Tokyo opened with a
strong demand for the USD. The move through Y109.00 was reported to have been
fairly orderly, no major stops seen triggered though rate was able to move up to
Y109.32 before momentum faded. Rate dipped to Y109.12 before it settled between
Y109.15-25 into Europe. Asian traders have suggested that option expiry interest
around Y109.00 could keep rate anchored. 
- Option expiries for today's NY cut, Y108.50-65($1.19bln),
Y109.00-10($2.07bln), Y109.30($825mln)
- Focus on US Weekly Jobless Claims and Mfg PMI and Mfg ISM releases. NFP looms
- Support Y109.00, Y108.70. Resistance Y109.32, Y109.50.  
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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