A short-term solution to the congressional budget impasse could make emerging markets more attractive, Nomura Managing Director & Global Head of FX Strategy Jens Nordvig said Thursday.
"I think the most obvious trade in currencies is that the risk premium that was being built over the last couple of weeks is going to come out," he said, adding that it was already happening. "It also pertains to the yen short trade."
On CNBC's "Fast Money," Nordvig said that his top play was through emerging market.
"Dollar/yen, I think, looks good again," he added.
Norvig also said that a possible agreement in Congress to pass a federal funding bill, as well as to approve payment on debt obligations, would provide a boost to markets.
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"I think there's certainly a possibility that the solution will be a short-term one, but I think that's still important because if you look at what happened this week with the T-bill market going crazy, and even the funding market, more broadly, looking quite unstable, if we can actually push this tail risk out of an actual default consideration, that is massively helpful to the market," he said.
Nordvig said that he calculated a 70 percent chance that Congress would strike a deal before the Oct. 17 default deadline.
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The risk premium trade could remain the same for the time being, he added.
"I think it could be a longer-term trend because I think what's going to happen is that if we get a short-term solution now, the market's going to be less concerned the next time around because they'll say, 'Ah, we're going to have a solution the next time around, too.'"