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Yen crosses supported by soaring Nikkei 225

FXStreet (Bali) - The FX market saw little moves in the opening session on Monday, in which a slightly better sentiment was observed following last week's risk aversion swings, as geopolitical tensions mounted.

USD/JPY kept the exchange rate above the 102.00 area, although gains compared to the last NY close were limited to 5-10 pips, with price topping at 102.17. The Nikkei 225 was up over 2% after the 'sushi' break, supporting the bid tone in all Yen crosses across the board.

AUD/USD saw last week's bounce off 0.9240 retest 0.9485 highs, but no conviction was seen behind the move. NZD/USD was unmoved around the 0.9465 level. EUR/USD and GBP/USD traded in tight ranges as well.

In the fundamental front, we had Chinese data over the weekend, with July's CPI figures (YoY) coming at +2.3%, in line with expectations, while the PPI for July (YoY) was -0.9%, also in line with estimates.

On the geopolitical front, Obama said U.S. airstrikes had destroyed arms, but warned that there are no quick fixes to a crisis. In New Zealand, total card spending for July: came at -0.1% m/m vs +0.5% last.

In Japan, according to the Nikkei, Japan's Government Pension Investment Fund (GPIF) has temporarily scrapped its cap on domestic stock-holdings, meaning that the fund can now buy more domestic shares. In terms of data, Japan published July's money stock – M2 and M3, which came as expected, with June's tertiary industry index at -0.1% m/m vs -0.3%.

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