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More Upbeat EC Winter Forecast Narrowly Avoids Recession

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US Gasoline Demand at 8.45mn bpd: GasBuddy

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Commitment of Traders Data from 10 Feb Delayed

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Usd/Jpy: European open Y112.51, range...>

YEN SUMMARY
YEN SUMMARY: Usd/Jpy: European open Y112.51, range Y112.51-78, NY open Y112.75,
range Y112.57-Y113.14.
* Usd/Jpy opened firm in Europe, rate moved through the Asia high to hold around
the Y112.60/65 area before second wave demand squeezed to Y112.69.
*Macro supply was reported on approach to Y112.80, opening tech resistance at
Y112.82/87 (50-dma, Dec5 high) levels which were later breached by the pair.
* In late NY there was a surge in the dollar on possible renewed sense of
optimism on US tax reforms which pushed Usd/Jpy through to highs of Y113.14. At
the time of writing the pair was hovering near the highs and trading at Y113.10.
* Eur/Jpy barely moved in early Europe, soft German Industrial Production data
was countered by stronger revisions to hold Y132.70/75
* The cross later tracked Usd/Jpy to Y132.91, before fading.
* In NY Eur/Jpy rose to intra-day highs of Y133.29 as reports emerged that that
members of Germany's Social Democrats had agreed to open talks with Chancellor
Angela Merkel's conservatives.

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