Morgan Stanley entered 4 forex trades at the New York close on Thursday
Long GBP/AUD
- their target is 1.9500, with stop loss at 1.7900
Citing:
GBP bullish ahead of political momentum toward a Brexit deal
- Oil prices support GBP
- U.K. real yields rise - continued gradual normalization & strong data
Australian data keeping AUD supported, but
- AUD vulnerable to rising global funding costs
- Australian data worsening (MS cite specifically the housing market)
MS nominate risks to their view:
- an unexpected breakdown in Brexit negotiation
- an improvement in Australian data
--
Short CHF/JPY
- target 109.50, stop 118.10
Short EUR/SEK
- target 10.00, stop 10.60
Long USD/ZAR
- target 15.50, stop 14.10
