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Mehul - Spain

When the European Central Bank announced its bond buying plan, expectations rose that Spain would soon ask for a bailout. Good thing traders weren't holding their breath, since Spain has yet to request aid.

Amelia Bourdeau, director of foreign exchange at Westpac Institutional Bank, thinks it's just a matter of time. "The market has priced in that Spain will get a bailout," she says, adding that once the country holds regional elections and releases its new budget, an aid request will probably be forthcoming. In the meantime, she sees a trade she likes on the other side of the globe.

"I prefer relative value because I think euro's stuck in a trading range," she says. Specifically, Bourdeau wants to sell the Australian dollar against the New Zealand dollar.