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EURO-STERLING: Morgan Stanley went short EUR/GBP at the NY close on Thursday,
with a stop at GBP0.8850 and a target of GBP0.8300.
- MS "see value in buying GBP against EUR. While we anticipate both EUR/USD and
GBP/USD will rise in the coming months as USD bearish forces meet an improving
European outlook, GBP should outperform EUR as Brexit risk premia gets priced
out and the economy continues to tighten. We expect the current political
uncertainty in both the UK and Eurozone to improve, but a resolution of the
Eurozone uncertainty may take longer, while a potential Brexit resolution may be
reached this month, suggesting downside for EUR/GBP. EUR/GBP also looks
attractive on a risk adjusted basis given low realized volatility in the pair,
and is less vulnerable to swings in sentiment around political uncertainty in
the UK and Europe. A key risk to the trade is that Brexit negotiations stall,
adding risk premium to GBP and pushing EUR/GBP higher."