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The recovery off earlier traded lows.....>

DOLLAR-YEN
DOLLAR-YEN: The recovery off earlier traded lows (Y110.61), settles around
Y110.90/95 ahead of US CPI data at the bottom of the hour. CPI is expected to
rise by 0.2% in July after a 0.1% gain in June. The year/year rates should rise
further due to a soft reading a year ago. AAA reported a modest decline in
mid-month prices from June, which could soften seasonally adjusted CPI gasoline
prices. The core CPI is also forecast to rise 0.2% following an as-expected 0.2%
increase in June. To the downside traders focus on a close below the 55-dma at
Y110.76 for the next leg lower. 

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