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Recent risk aversion, seen based on no...>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Recent risk aversion, seen based on no reported developments in the
Sino-China trade talks, faded as White House Economic Adviser Larry Kudlow
comments overnight that the talks are coming down to short strokes, added that
phase one deal is close but not done yet. Market grabbed this positive tone and
pared risk positions, allowed USD/JPY to recover to Y108.63, though struggled to
hold above its broken trend support line (drawn off Aug26 and broken Thursday on
move below Y109.50) today seen at Y108.59. Not quite a risk on move as market
seen wary of a US Trump flip. Asian traders noted resistance at and above
Y108.70, adding that the Y108.50 level holds some decent sized option expiry
interest through next week. 
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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