Federal Reserve's policy easing points to a broader risk rally says Morgan Stanley, which will be an expansion of what has been to-date a somewhat EUR-centric rally. However the bank still thinks that said rally will be selective and highlight ongoing weakness in Asia, which could pose risks to AUD and JPY. The bank's medium-term portfolio is currently long CHF/JPY, EUR/GBP, USD/JPY and NOK/SEK while being short of AUD/NOK and looking to establish long USD/JPY.
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