At 11:00 BST on Monday Morgan Stanley.........>

FOREX: At 11:00 BST on Monday Morgan Stanley released their trades of the week:

- Sell CHF/JPY at market with a target of 104.00 and stop of 110.70. MS believe

that "the increased riskiness of Japanese foreign investments suggests that they

are more sensitive to changes in risk sentiment, rising rates and rising

volatility. Thus, JPY should gain in this type of environment. Swiss foreign

investments fail to have the same exposure, as measured by the lower

contribution of income to the current account, suggesting that CHF will fail to

gain to the same extent. CHFJPY shorts also offer positive carry."

- Sell EURZAR at market with a target of 14.50 and stop of 15.50. MS believe

that "the recent underperformance in ZAR has been driven by positioning in South

Africa and broader sentiment causing a sell-off across EM, rather than domestic

catalysts. We believe that South Africa is seeing a structural recovery, driven

by consumption and investment, which should provide ZAR support over the medium

term. We like to trade ZAR versus EUR, given that conditions for a tactical USD

rebound remain in place and our expectation for EUR to continue to trade on the

weaker side in the near term."