Trading Global Deleveraging in 2012 P11
Lessons from Leverage? P20
G10: No Rest for the Levered P26
G10: Vol and Correlation Vault into Year End P30
EM Currency Outlook – Trading Financial Stresses P34
AXJ: Outlook for 2012 P44
G10:
USD: The Best Safe Haven Standing P49
EUR: Recession, Easing, Deleveraging P50
JPY: Stronger for Longer P51
GBP: GBP/USD Below 1.40 P52
CHF: Strength on European Uncertainty P53
SEK: Leverage to Eurozone to Weigh on Currency P54
NOK: To Remain in a Range P55
CAD: Caught in Negative Cross-Currents P56
AUD: Externally VulnerableP57
NZD: Domestically Sound, Externally Weak P58
Latin America
BRL: High-Beta Currency P59
MXN: Trading with Global Risk P60
ARS: How Much Depreciation? P61
CEEMEA
ZAR: A Bumpy Ride Ahead P62
TRY: CBT Action Prompting Outperformance P63
RUB: Further Exchange Rate Flexibility to Come P64
PLN: Policy Response versus Euro Area Pressure P65
CZK: No Longer Low Beta P66
HUF: Domestic and External Issues Weighing P67
Morgan Stanley Positioning Tracker P68
2011 Year-End FX Trivia Quiz P69
Currency Forecast P70