FOREX-Pressure on yen lifts slightly, Aussie eyes GDP

Tue Dec 3, 2013 6:29pm EST
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* Yen bounces broadly, off five-year lows vs euro

* Canadian dollar still shaky as BOC policy meeting looms

* AUD near-term outlook hinges on GDP data due 0030 GMT

By Ian Chua

SYDNEY, Dec 4 (Reuters) - The yen was squeezed higher across the board early in Asia on Wednesday, enjoying a bit of a reprieve as investors locked in profits ahead of major risk events including U.S. jobs data due later in the week.

The dollar retreated to 102.35 yen from a six-month peak of 103.38 yen, while the euro slipped to 139.11 yen from a five-year high of 140.03.

Against the dollar, the euro was little changed at $1.3589 remaining in a familiar range after recovering almost all of Monday's losses.

Investors have been selling the yen to fund purchases of riskier assets in carry trades, thanks to the Bank of Japan's ultra-loose monetary policy and speculation it may do more.

Yet having climbed 6.6 percent in just six weeks, the dollar had looked overdue for a breather, said dealers. As long as support at 101.90/95 held solid, the dollar's uptrend would likely soon resume.   Continued...