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JPY underperforms in quiet FX markets -.......>

FOREX
FOREX: JPY underperforms in quiet FX markets
- Volumes suffered through Asia amid the backdrop of Japan's Golden Week
holiday. Narrow range trade was the overriding theme which initially spilled
over into Europe.
- Risk appetite emerged which saw JPY drop to the bottom of G10, lending support
to the majors. GBPJPY breached the 200-dma (Y144.52) to Y144.72, NOKJPY traded
above its 100-dma to Y12.8902,  AUDJPY & CADJPY challenged their respective
100-dma's, while EURJPY rallied to Y124.86.
- EUR & GBP hold toward the peak of their narrow ranges. 
- AUDUSD remains at elevated levels further highlighting the potential false
break of $0.70. Traders noted month-end AUD demand from Australian exporters
which has seen the rate rally to $0.7061.
- Month-end flow could feature with Citibank's model suggesting moderate dollar
sales, while Barclays points to stronger USD selling.
- Busy week on the calendar with main highlights in the UK from the BoE policy
rate decision. In the US we have the FOMC, NFP, ADP & ISM mfg.   

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