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JPY and USD made early gains in Asia on.......>

FOREX
MNI (London)
FOREX: JPY and USD made early gains in Asia on reaction to US Trade Rep
confirmation of late NY source reports, stating that "as a result of China's
retaliation and failure to change its practices, the President has ordered USTR
to begin the process of imposing tariffs of 10% on an additional $200 billion of
Chinese imports." A MOFCOM official reiterated that China will take
countermeasures. 
- USD/JPY dropped to Y110.77 but was able to recover above Y111.00 into Europe.
Further USD gains late morning saw rate extend to Y111.23. USD demand eventually
pressed EUR/USD to a low of $1.1695 in Europe, the rate holding heavy ahead of
NY.
Cable reluctantly tracked EUR/USD lower, allowing in turn EUR/GBP to ease to
Gbp0.8830.
- Commodity currencies took the brunt of the USD strength, AUD/USD back below
$0.7400, USD/CAD edging to C$1.3169.
- Focus on BOC decision(25bp hike widely expected), US PPI and speeches from
Fed's Williams, as well as BOE's Carney.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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