Recap of trade recommendations out............>

FOREX: Recap of trade recommendations out yesterday & overnight...

- Morgan Stanley trade of the week is to Sell CHFJPY 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.

- RBC are long USDJPY at 109.05, with a target of 111.23 and a stop at 108.07.

They note that "last week's IMM data showed USD shorts at their lowest level in

2 months but looking at broader positioning metrics (including risk reversals &

correlations to currency manager returns), there are still many managers out

there who are short USDJPY and/or long EURUSD.