Morgan Stanley Fixed-Global Macro Strategy Global FX Positioning Long USD Posit...-107204923

MMarch25,202405:00AMGMTMorganStanley&Co.LLCUpdateGlobalMacroStrategyGlobalZoeKStrauss+1212761-0407+1212761-5287GlobalFXPositioning:LongStrategist+44207425-3518USDPositioningCreepsHigherZoe.Strauss@morganstanley.com+44207425-6841+44207425-9781IntheweekendingFriday,March22,optionspricingdataindicatethatinvestorsAndrewMWatrousaddedlongUSD(DXY)positions,andincreasedshortEURandGBPpositions.Inthefuturesmarket,USDshortswereaddedagainstCAD,whileinvestorsboughtUSDStrategistagainstNZD,AUD,andJPYintheweekendingTuesday,March19.Overall,optionsAndrew.Watrous@morganstanley.comdatasuggestthattacticalinvestorsarelongUSD(DXY),whilebeingmostshortCHFandNZD.PositioninginthefuturesmarketremainslongEURandisshortAUDandMorganStanley&Co.Internationalplc+JPY.DavidS.Adams,CFAExhibit1:StrategistDavid.S.Adams@morganstanley.comWantingLowStrategistWanting.Low@morganstanley.comDominicJKrummenacherStrategistDominic.Krummenacher@morganstanley.comSource:DTCC,Bloomberg,MorganStanleyResearch;Note:Usingoptionsthatweretradedinthepastthreemonthsandexpireinthecomingonemonth.Notionalsaredelta-adjusted.DataasofFriday,March22.Formethodology,seeAssessingFXPositioningwithCurrencyOptions.Exhibit2:Source:DTCC,Bloomberg,MorganStanleyResearch;Note:UsingoptionsthatweretradedinthepastthreemonthsandexpireintheMorganStanleydoesandseekstodobusinesswithcomingonemon...