Morgan Stanley Fixed-Global Macro Commentary April 23-107772757

MApril23,202410:22PMGMTUpdateGlobalMacroCommentaryGlobalMorganStanley&Co.LLC+1212761-6076+44207425-9781April23MartinWTobias,CFA+1212761-4703BroadUSDweaknessensuespost-USPMIs;Tsystwist-steepen,Strategist+44207425-1877recordsized2yauctioncomes0.6bpthrough;ECB'sNageltalksMartin.Tobias@morganstanley.comdata-dependentJunecut;EUR,Bundyieldsrise;strongUKPMIs+8136836-8428liftGBP,giltyields;LatAmcurrenciesgainamidUSDsoftness;MorganStanley&Co.Internationalplc++8522239-7983DXYat105.69(-0.4%);US10yat4.600%(-0.8bp).DominicJKrummenacher•BroadUSdollarweaknessensuesafterpreliminaryAprilS&PGlobalUSPMIsaresurprisinglysoft;theDXYUSDIndexslips0.4%,Strategistbelowthe106level,tosessionlows.Dominic.Krummenacher@morganstanley.com•TreasuriesrallyaftertheS&PGlobalManufacturingPMIdipsjustMorganStanley&Co.LLCintocontractionterritory;thecurvetwist-steepensasfront-endstrengthpersistsafterthe$69bn2yauctioncomes0.6bpthrough.EliPCarter•ECBGoverningCouncilMemberNagelwantsratecutstobeStrategistconditionalonthedatabeingsoreliablethattheECBcanmoveinEli.Carter@morganstanley.comJune,ashenotessignsofanaccelerationinGermanmanufacturing.MorganStanley&Co.Internationalplc+•EUR(+0.4%)advancesandBundyieldsrisefollowingNagel'sremarksandstrongPMIdata.Marie-AnaisCFrancois•StrongpreliminaryAprilS&PGlobalUKPMIssupportcablewhileUKStrategistgiltsselloffmil...