Heading into Monday's London session Morgan...>

FOREX: Heading into Monday's London session Morgan Stanley outlined their trades

of the week:

- Sell GBPJPY at market with a target of 144.20 and stop of 152.90. "With USDJPY

nearing our short-term target of 110, we see good opportunity to re-establish

selective strategic JPY longs such as against GBP. With notable downside

surprises in recent UK growth and inflation data, the risk of the BoE staying on

hold next week has increased, weighing on GBP which is highly correlated with UK

real yields. Even if the BoE delivers a dovish rate hike, the subsequent

flattening of the GBP curve will keep GBP upside limited. Domestic uncertainty

has also risen. CFTC data also shows that GBP longs are still near the largest

since 2014."

- Buy USDRUB at market with a target of 66 and stop of 59. MS expect "RUB to

remain vulnerable after the recent sanctions. Amid a backdrop of weaker RUB

sentiment, the current account is entering a seasonally weak period. Continued

USD purchases by the MinFin should also weigh on the currency."