Forex Flash: Long JPY/KRW, USD/IDR; Short NZD/SGD - UBS

It will be difficult for EM to hold up as Brussels runs out of ideas, according to the UBS FX Analysts. Given this scenario of uncertainty and high risk aversion, the team at UBS recommends buying JPY vs KRW through spot. The rate at the time of writing is 13.15. We put a 2% stop at 12.88 and target 5% gains to 13.80. Two other FX trades, which we are not adding to our portfolio just yet, but do see as attractive in the current environment are long USDIDR and short NZDSGD.