Morgan Stanley Fixed-Global Macro Strategy Global FX Positioning Increased Long...-108937799

MUpdateGlobalMacroStrategy|GlobalGlobalFXPositioning:IncreasedLongAUDExposureAfterUpsideSurpriseinCPIMorganStanley&Co.LLCZoeKStraussStrategistZoe.Strauss@morganstanley.com+1212761-0407AndrewMWatrousStrategistAndrew.Watrous@morganstanley.com+1212761-5287MorganStanley&Co.Internationalplc+DavidS.Adams,CFAStrategistDavid.S.Adams@morganstanley.com+44207425-3518WantingLowStrategistWanting.Low@morganstanley.com+44207425-6841DominicJKrummenacherStrategistDominic.Krummenacher@morganstanley.com+44207425-9781IntheweekendingFriday,June28,optionspricingdataindicatethatinvestorsaddedlongEURandAUDpositions,andincreasedshortNZDandNOK(versusEUR)positions.Inthefuturesmarket,USDshortswereaddedagainstAUDandNZD,whileinvestorsincreasedshortCADandGBPpositionsintheweekendingTuesday,June25.Overall,optionsdatasuggestthattacticalinvestorsarelongNOK(versusEUR)andSEK(versusEUR),whilebeingmostshortJPYandEUR.PositioninginthefuturesmarketremainslongNZDandEURandisshortCADandJPY.Exhibit1:Source:DTCC,Bloomberg,MorganStanleyResearch;Note:Usingoptionsthatweretradedinthepastthreemonthsandexpireinthecomingonemonth.Notionalsaredelta-adjusted.DataasofFriday,June28.Formethodology,seeAssessingFXPositioningwithCurrencyOptions.Exhibit2:Source:DTCC,Bloomberg,MorganStanleyResearch;Note:Usingoptionsthatweretradedinthepastthreemonthsandexpireinthecomingonem...