The pair started the week at Y105.09 in Asia, the euro-yen at Y136.03 and both pairs dipped to session low of Y104.90 & Y135.78 on lower cable, before strong recovery to session high of Y105.23 & Y136.31. Japanese offers in early session ahead of fix pressured the rates to Y104.99 & Y136.02 and fresh supply in euro-yen forced the cross to Y135.89. Demand emerged to lift dollar-yen to NY close of Y105.09 last and the euro-yen bounced to Y135.99 from low of Y135.78. Early weakness in the euro pressured euro-yen lower, fresh supply continue to pressure the cross to approaches the 2014 low at Y135.73 (Aug 8). Sterling-yen gapped down to open softer at Y169.87 on lower cable but made a recovery to high of Y170.67 from an early low of Y169.74. Dollar-yen kneejerk lower on weakness in cable but bounced higher on weak Q2 GDP. Japan Q2annualised GDP revised down to -7.1% from a previous of -6.8%, the poor data lifted dollar-yen to Y105.23 from Y105.16 prior to release. Meanwhile medium offers reported at Y105.30/40 while demand only noted at Y104.55/50 level.
