MS Trade of the week: Sell AUDJPY. Declining risk appetite, weaker iron ore prices,
China’s overcapacity and equity markets correcting lower should not bode well for
the AUD this week. On top of this the RBA is expected to turn back to an easing bias
at its meeting tomorrow. Lower risk appetite driven by Greek uncertainty should also
support the JPY. We sell AUDJPY at market, target 89.00 and put a stop at 93.50.