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Model funds have been the reported.......>

DOLLAR-YEN
DOLLAR-YEN: Model funds have been the reported buyers this morning taking the
dollar above yesterday's Y110.44 high to Y110.54. There has been no reaction to
Japanese Industrial Production release earlier, IP for July came in at -0.8% m/m
against MNI's median of -0.4%. Japanese equities are supportive, Nikkei opened
higher by 0.4% and currently trades +0.6%. Month-end rebalancing flows are said
to favour  US dollar across the board, which may lead to demand into the
Tokyo-fix (0055GMT). Resistance is noted at Y110.65, which marks 38.2% fib
retracement on Y114.49 to Y108.27 decline. Dollar-yen was last at Y110.51.

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