3 December 2001, 08:57 Forex - Dollar/yen stabilises in midmorning Tokyo after last week's losses
TOKYO (AFX-ASIA) - The dollar/yen stabilised in midmorning after
losses at the end of last week on liquidation of dollar-long positions
following weak US indicators, dealers said.
"We've had a very quiet morning. At this moment the market is still
neutral for the dollar/yen," Chase Manhattan Tokyo branch foreign
exchange analyst Minori Takeuchi said.
"We had disappointing economic data that sent the dollar lower,"
she said, adding that the market is waiting to see further US numbers,
including this week's NAPM report and payrolls figures.
The dollar yen seems relatively well supported at 122.80 yen, with
resistance at 123.80 and 124.15 yen.
Takeuchi said this week's Japanese numbers, including the Ministry
of Finance's corporate survey and third quarter GDP data, are unlikely
to drive the market.
"Japan is in recession and at this moment there is not much
expectation of recovery for the forseeable future. Even if the news is
good, people won't take it on face value," she said.
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