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DOLLAR-YEN: USD/JPY sits a touch lower at Y107.23 after adding 32 pips Monday.
- The rate started on the back foot Monday after BBG reported that China shows
increasing reluctance to strike a broad trade accord with the U.S. & has
narrowed the scope of issues under discussion. However, the pair moved away from
its early lows thereafter, gaining more traction in U.S. hours. It jumped to its
intraday high of Y107.46 as Fox reporter Edward Lawrence tweeted that China is
ready to do a partial trade deal with the U.S. and "set out a timetable for the
harder issues to be worked out next year." A slight pullback was seen into the
close, while after hours the U.S. blacklisted 8 Chinese tech companies.
- Bears look for a dip below the Y106.96-93 area, which hosts the low of Sep 24,
38.2% retracement of the Aug 26 - Sep 18 rally & 50-DMA. Bulls look for a break
above the 23.6% retracement of rally range at Y107.53, also the low of Sep 20.
- The U.S. & Japan signed a partial trade deal on farming and digital trade.
- On the Japanese docket today are BoP data, earnings/spending numbers and Eco
Watchers Survey. Flash machine tool orders hit on Wednesday, while PPI, core
machine orders and a speech from BoJ Dep Gov Amamiya are all due Thursday.