The pair closed in NY Friday at Y100.48, marked up to Y100.58 into Asia as risk was given a boost by Saturday’s release of stronger than forecast China PMI data. A negative open in the Nikkei dented the opening buoyant tone, the rate easing off to Y100.38. The Nikkei pared some of its early losses after the Tokyo fix which allowed dollar-yen to edge up to Y100.72, remaining buoyant into the Asian afternoon before slipping back, downside momentum boosted ahead of the European open as rate eased to Y100.33, the move attracted by talk of stops placed between Y100.35/30. Bids below here are seen into Y100.05/00, with larger stops getting noted between Y99.90/80. Euro-yen tracked dollar-yen moves, opening at Y130.65, dipped to Y130.44 before rallying back to Y130.99 post Tokyo fix. Rate slipped lower through the Asian afternoon to Y130.58 with recovery effort into Europe so far holding heavy.
