[USD/JPY] hits a new day&
By[USD/JPY] hits a new day's best of 83.70 amid model, fund and Swiss
bank demand. The Dollar remains unit of choice through the Koreas and
peripherals crisis, but we may still struggle to break above near-term
pivots of 83.85 (seven week range high) and 84.00 (barrier) in an overall
fairly steady broader market. Note the US 10-year has leaped in the last
24 hours or so to a more supportive 2.91% last vs 2.79% at Wed's European
open. Note the US Treasury's Usd 29bln sale of 7-year notes action was
similar to Tue's relatively disappointing 5-year result, i.e. a B/C of
2.63 vs 3.04 last and 2.95 ave. Indirect bidders took up 42.2% of the
issue vs 50.2% in Oct and an average of 50.05 at the prior four 7-year
sales
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