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The underlying tone remains firm with....>

DOLLAR-YEN
DOLLAR-YEN: The underlying tone remains firm with the pair holding near the peak
of its Y109.24-70 range. The DXY earlier cleared the 200-dma and will be
monitored on a closing basis today. Bank reports note a combination of month-end
(yesterday) and general re-positioning has helped push the USD higher and long
yields lower. Expect strong resistance ahead of the key Y110.00 area, a break
here will likely trigger stops opening a move towards the 200-dma at Y110.25.
Main data highlights in the US today from mfg PMI (1345GMT), followed by ISM mfg
at 1400GMT. ISM is expected to decline further to a reading of 58.3 in April
after a dip to 59.3 in March.
Option-expiries: Y108.00($826mn), Y108.70-75($670mn), Y109.00($800mn),
Y109.30($767mn), Y111.00($436mn). 

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