TRADING VIEWS

. Current Trading Views
The following trading ideas from the Global Markets Group reflect shorter-term views, which may differ from the longer-term "structural" positions included in our "Top Trades" list further below.

In FX:
1. Stay short KRW/IDR, opened at 8.40 for a target of 7.60 and with a stop on a 1-day close above 8.80.

2. Stay long EUR/$, opened at 1.3890 for an initial target of 1.45 and with a stop on a close below 1.3720.

3. Stay long AUD/JPY at 75.30 with an initial target of 80 and a stop on a close below 74.

On rates:
1. Hold 2-20-yr curve flattener using UKT 6% Dec-28 vs. UKT 3.25% Dec-11, opened at 230bp for a target of 140bp with a stop on a close above 280bp, now at 248bp.

2. Hold long position in an equally-weighted basket of USD and EUR 2-yr interest rate swaps against short in an equally-weighted basket of GBP, CAD, AUD and SEK 2-yr swaps starting 6-mth forward, opened at 50.3bp for a target of 110bp and with a stop at 30bp, now at 79bp.

3. Stay long US Treasury futures (TYU9) at the level of 114-31, for a target in the 118-00/120-00 area, and with stops at 114-31 (tightened from 113-08), now 117-15.

4. Sell protection in 5y Hungary CDS at the level of 343, for an initial target of 250 and a stop loss at 410, now at 339.

5. Stay long September Euribor futures (ERU9), opened at 99.06 for a target of 99.30 and with a stop-loss on a close below 98.90, now 99.06.

Equity Trading Strategies:
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