Morgan Stanley Fixed-Global Macro Strategy Global FX Positioning Short JPY Posi...-106477439

MFebruary12,202407:04AMGMTMorganStanley&Co.LLCUpdateGlobalMacroStrategyGlobalZoeKStrauss+1212761-0407+1212761-5287GlobalFXPositioning:ShortJPYStrategist+44207425-3518PositioningatHighestLevelZoe.Strauss@morganstanley.com+44207425-6841SinceOctober+44207425-9781AndrewMWatrousIntheweekendingFriday,February9,optionspricingdataindicatethatinvestorsaddedlongNZDandSEK(versusEUR)positions,andincreasedshortJPYandGBPStrategistpositions.Inthefuturesmarket,investorsboughtNZDandUSD(DXY),whilemostAndrew.Watrous@morganstanley.comUSDlongswereaddedagainstEURandCHFintheweekendingTuesday,February6.Overall,optionsdatasuggestthattacticalinvestorsaremostlongUSD(DXY)andMorganStanley&Co.Internationalplc+NOK(versusEUR),whilebeingshortJPYandEUR.PositioninginthefuturesmarketremainslongEURandisshortAUDandJPY.DavidS.Adams,CFAExhibit1:StrategistDavid.S.Adams@morganstanley.comWantingLowStrategistWanting.Low@morganstanley.comDominicJKrummenacherStrategistDominic.Krummenacher@morganstanley.comSource:DTCC,Bloomberg,MorganStanleyResearch;Note:Usingoptionsthatweretradedinthepastthreemonthsandexpireinthecomingonemonth.Notionalsaredelta-adjusted.DataasofFriday,February9.Formethodology,seeAssessingFXPositioningwithCurrencyOptions.Exhibit2:Source:DTCC,Bloomberg,MorganStanleyResearch;Note:UsingoptionsthatweretradedinthepastthreemonthsandexpireintheM...