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Morgan Stanley downgraded its outlook for the US greenback as we speak, decreasing it to impartial from bullish.
They’d beforehand forecast an 8% rise within the Greenback index however have adopted others in predicting a weaker atmosphere following the Fed pivot.
US Greenback index
Our conviction about greenback energy has waned meaningfully,” wrote MS strategist. “US knowledge deceleration has compressed development differentials, US charges have fallen additional in contrast with friends, and traders seem removed from defensive primarily based on fairness returns.”
Morgan Stanley closed out a guess in opposition to the euro, suggesting brief EUR/JPY as an alternative. They’re bullish on the yen this 12 months generally (and the yen has definitely served up a chance for this week).
Extra on the decision right here.
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