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Rate again met headwind resistance on....>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Rate again met headwind resistance on a show above Y110.40
Wednesday, the rate easing off to Y110.27 in early Asian trade. Another push
higher met strong resistance which topped move at Y110.40 before the USD came
under sell pressure across the board which dropped rate to Y110.08. Possible
profit taking on recent USD longs, prompted by reported comments from China
MOFCOM on US trade, cited by some for the move. Despite this slight set back
fresh demand interest emerged to take rate back to Y110.34 into early Europe.
Resistance remains between Y110.40/50 with any move above expected to meet
further headwind resistance through to Y111.00. Support remains into Y110.00.
Japan CPI, released later today/Friday morning expected to show core inflation
broadly flat. UST yields remain the key driver of direction though some have
suggested that the recent sharp rise in the USD may prompt comment from US
Trump.
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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