Morgan Stanley Advises Selling Euro vs Aussie Dollar, Swiss Franc
Dow Jones
Oct 08
1336 GMT - Further euro weakness looks likely but bets against the single currency are probably best expressed against the Australian dollar and Swiss franc, Morgan Stanley strategists say in a note. French debt concerns have weighed on the euro via increased risk premium and lower European Central Bank interest-rate rise expectations, they say. Morgan Stanley recommends selling the euro versus the high-yielding Australia dollar with a target of 1.53 and stop loss of 1.69. It also advises selling the euro versus the safe-haven franc with a target of 0.90 and stop loss of 0.96 to help investors hedge for potential further regional volatility. The euro rises 0.2% to 1.6112 Australian dollars and is steady at 0.9331 francs.
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