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Won Rallies More than 1%


Japanese MOF sells Y4.7714tn 3-Month Bills:


Long End Leads The Morning Bid


Very Modest Bid Seen

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FOREX: Morgan Stanley entered a short CHF/NOK position at the NY close, with a
target of NOK 7.9000 & a stop at NOK8.7500.
- MS believe that "CHF/NOK looks poised to fall in the near term. Recently,
EURC/HF has been driven primarily by concerns about Italy's fiscal position and
EM volatility, which makes sense given most of Swiss investors' portfolio assets
are held within Europe. A temporary stabilization in EM concerns and the
continued benign news flow relating to the Italian budget situation should keep
CHF under pressure. NOK looks increasingly attractive as Brent crude continues
to rise, hawkish rhetoric from the Norges Bank is likely to continue, and its
current account surplus renders it relatively well supported in a
rising-volatility, declining-liquidity environment. Key risks to the trade
include a deterioration in the European outlook, supporting CHF, and declining
oil prices."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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