Morgan Stanley Fixed-Global Macro Strategy Global FX Positioning USD Positionin...-109805863(1)

MUpdateGlobalMacroStrategy|GlobalGlobalFXPositioning:USDPositioningRemainsClosetoNeutralMorganStanley&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,August9,optionspricingdataindicatethatinvestorsaddedlongNOK(versusEUR)andAUDpositions,andincreasedshortCHFandJPYpositions.Inthefuturesmarket,investorsaddedlongJPYandCHFpositions,whileinvestorsboughtUSDagainstGBPandNZDintheweekendingTuesday,August6.Overall,optionsdatasuggestthattacticalinvestorsaremostlongNOK(versusEUR)andCHF,whilebeingshortGBPandUSD(DXY).PositioninginthefuturesmarketremainslongEUR,andisshortCADandAUD.Exhibit1:Source:DTCC,Bloomberg,MorganStanleyResearch;Note:Usingoptionsthatweretradedinthepastthreemonthsandexpireinthecomingonemonth.Notionalsaredelta-adjusted.DataasofFriday,August9.Formethodology,seeAssessingFXPositioningwithCurrencyOptions.Exhibit2:Source:DTCC,Bloomberg,MorganStanleyResearch;Note:Usingoptionsthatweretradedinthepastthreemonthsandexpireinthecomingonemonth.Notionalsaredelta-adj...