Morgan Stanley Fixed-Global Macro Strategy Global FX Positioning USD Positionin...-106703288

MFebruary26,202405:28AMGMTMorganStanley&Co.LLCUpdateGlobalMacroStrategyGlobalZoeKStrauss+1212761-0407+1212761-5287GlobalFXPositioning:USDStrategist+44207425-3518PositioningStillLong,JPYandZoe.Strauss@morganstanley.com+44207425-6841CHFthePreferredShorts+44207425-9781AndrewMWatrousIntheweekendingFriday,February23,optionspricingdataindicatethatinvestorsaddedlongSEK(vsEUR)andAUDpositions,andincreasedshortNOK(vsEUR)Strategistpositions.Inthefuturesmarket,mostUSDshortswereaddedagainstNZDandCAD,Andrew.Watrous@morganstanley.comwhileinvestorsboughtUSDagainstCHFandJPYintheweekendingTuesday,February20.Overall,optionsdatasuggestthattacticalinvestorsarelongUSDMorganStanley&Co.Internationalplc+(DXY),whilebeingshortJPYandCHF.PositioninginthefuturesmarketremainslongEURandisshortAUDandJPY.DavidS.Adams,CFAExhibit1:StrategistDavid.S.Adams@morganstanley.comWantingLowStrategistWanting.Low@morganstanley.comDominicJKrummenacherStrategistDominic.Krummenacher@morganstanley.comSource:DTCC,Bloomberg,MorganStanleyResearch;Note:Usingoptionsthatweretradedinthepastthreemonthsandexpireinthecomingonemonth.Notionalsaredelta-adjusted.DataasofFriday,February23.Formethodology,seeAssessingFXPositioningwithCurrencyOptions.Exhibit2:Source:DTCC,Bloomberg,MorganStanleyResearch;Note:UsingoptionsthatweretradedinthepastthreemonthsandexpireintheMorganStan...