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Improved global equities underpinned.....>

DOLLAR-YEN
DOLLAR-YEN: Improved global equities underpinned risk through Europe, USDJPY
recovered Y108.00 with gains extending to Y108.38 at the NY crossover. Near-term
resistance is seen at Y108.45/53 from Monday's high & 100-hma, consolidation
above would cement the uptrend opening a run at the Y109.00 level.
- Focus turns to US ADP(1215GMT) & ISM Non-mfg(1400GMT) data. ISM is expected to
rebound to 55.9 in May after dipping to 55.5 in April.

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