Morgan Stanley Fixed-EM Strategy Asia Macro Strategy Has Koreas NPS Used Up it...-106086176

MJanuary22,202411:00PMGMTMorganStanleyAsiaLimited+IdeaEMStrategyAsiaPacificMinDai+8522239-7983+8523963-0303AsiaMacroStrategy:HasStrategistKorea'sNPSUsedUpitsFXMin.Dai@morganstanley.comSwapLinewiththeBoK?GekTengKhooRecentdevelopmentscontinuetosupportbeingcautiousonFXandpayingfront-endratesselectivelyinthenearterminAsia.StrategistWeincreaselongUSDexposurebyaddinglongUSD/PHP.Gek.Teng.Khoo@morganstanley.comRecentdataoutofChinaandAsia…ThedevelopmentsinthepasttwoweeksareMorganStanleydoesandseekstodobusinesswithinlinewithourviewchangetwoweeksago,whenweclosedallourrisk-ontradescompaniescoveredinMorganStanleyResearch.Asaresult,andrecommendedlongUSDandpayingfront-endratestradesselectively.Chinainvestorsshouldbeawarethatthefirmmayhaveaconflictofdataremainquiteweak,andpolicyeasingisreactive.RecentdatainAsiahavealsointerestthatcouldaffecttheobjectivityofMorganStanleybeenontheweakerside,whichcouldaddtothepriceaction.Research.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorinmakingtheirinvestment...supportstayingcautiousonAsiaFXandratesselectively:Additionally,mostdecision.macrohedgefundsgenerated3-5%inthelasttwomonthsof2023andcouldhavetheincentivetotakeprofitshouldlastyear-end'strend(lowerUSDandUSTyields)Foranalystcertificationandotherimportantdisclosures,reverse.Therefore,westicktoourcurrentstance,whichist...