13 July 2001, 12:11 The dollar closed with a heavy tone against the yen Thursday
with some speculative positions already unwound and others threatening
to trigger stop-loss dollar-yen sell orders at lower levels. Traders
said that most of the day's swings had been caused by short-term
speculative players who were caught holding long dollar positions put on
in recent sessions. Emerging market jitters were becalmed Thursday and
this led the dollar higher in early Asian and European trade as the
demand for euros and Swiss franc abated.
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