Morgan Stanley Fixed-Global Macro Strategy Global FX Positioning Long EURCHF P...-106837525

MMarch4,202405:25AMGMTMorganStanley&Co.LLCUpdateGlobalMacroStrategyGlobalZoeKStrauss+1212761-0407+1212761-5287GlobalFXPositioning:LongStrategist+44207425-3518EUR/CHFPositioningReachesZoe.Strauss@morganstanley.com+44207425-6841HighestLevelSince2017+44207425-9781AndrewMWatrousIntheweekendingFriday,March1,optionspricingdataindicatethatinvestorsaddedlongEURandGBPpositions,andincreasedshortSEK(vsEUR)andNZDStrategistpositions.Inthefuturesmarket,mostUSDshortswereaddedagainstNZDandGBP,Andrew.Watrous@morganstanley.comwhileinvestorsboughtUSDagainstAUDandJPYintheweekendingTuesday,February27.Overall,optionsdatasuggestthattacticalinvestorsarelongUSDMorganStanley&Co.Internationalplc+(DXY),whilebeingshortCHFandJPY.PositioninginthefuturesmarketremainslongEURandisshortAUDandJPY.DavidS.Adams,CFAExhibit1:StrategistDavid.S.Adams@morganstanley.comWantingLowStrategistWanting.Low@morganstanley.comDominicJKrummenacherStrategistDominic.Krummenacher@morganstanley.comSource:DTCC,Bloomberg,MorganStanleyResearch;Note:Usingoptionsthatweretradedinthepastthreemonthsandexpireinthecomingonemonth.Notionalsaredelta-adjusted.DataasofFriday,March1.Formethodology,seeAssessingFXPositioningwithCurrencyOptions.Exhibit2:Source:DTCC,Bloomberg,MorganStanleyResearch;Note:UsingoptionsthatweretradedinthepastthreemonthsandexpireintheMorganStanleydoesandseek...