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Risk off was the overriding theme in.....>

DOLLAR-YEN: Risk off was the overriding theme in Asia for the second successive
session following reports the US have initiated section 232 investigating
tariffs on imported autos and threats to call off the US-N Korea summit. USDJPY
moved back under Y110.00 with losses extending to Y109.33 at the European
crossover. JPY crosses were also sold with big losses for EUR (fresh YTD lows),
CAD, NZD & GBP. USDJPY support seen at Y109.30 (76.4% Y108.65-111.40), a break
opens Y109.15/13 May11 low/1.0% envelope 10-dma. US data highlights today from
Weekly Jobless Claims (1230GMT), followed at 1400GMT by Existing Home Sales.
Jobless Claims expected to remain unchanged after rising to 222,000 in the
previous week. Existing Home Sales are expected to fall to a 5.58 annual rate in
April after gains in the previous two months.
Options: Y110.00($350mn), Y110.50($491mn), Y110.90($400mn), Y111.00($1.14bn). 

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