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USD seen paring back some of Tuesday's...>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: USD seen paring back some of Tuesday's gains, the rate having seen a
recovery high of Y106.61 before it consolidated between Y106.34-60 through NY.
Asia touched an early high of Y106.55 before it eased to Y106.40 with USD sales
in early Europe extending this pullback to Y106.36, holding just shy of that NY
low of Y106.34. Spring equinox holiday in Tokyo today made for subdued trading
through the Asian session. Expect further support between Y106.20/10 ahead of
stronger interest into Y106.00. Traders aware that the Y106.00 level holds large
option expiry interest for today's NY cut, $3.22bn, which could attract (Y107.00
expiry today $1.25bn). Main attention on the US FOMC announcement, a 25bp hike
generally expected with main focus on the dot plot for future rate path. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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