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Sept 15 (Reuters) - This is clearly not the best day for risk assets, says Merrill Lynch in a note after Lehman's Chapter 11 filing. It recommends long defensive currencies, which are likely to be bought aggressively as trading gets underway. "The USD is likely to trade poorly against both the JPY and EUR." It adds that the Lehman news "will arguably be the wrong sort of risk aversion for the USD." Merrill says it would look for EUR/USD to be up at least initially, reversing the unusual risk dynamics around EUR/USD over the past several weeks.
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