摩根士丹利策略师：韩元最糟糕时期可能已经过去

Core Viewpoint - Morgan Stanley strategist James Lord indicates that the South Korean won may stabilize and potentially reverse some recent declines as the U.S. approaches interest rate cuts and South Korea's monetary easing cycle comes to an end [1] Group 1: Currency Trends - The won has experienced its most severe sell-off since the 2008 financial crisis, but Lord expects it to remain volatile [1] - The depreciation of the won is partly due to a surge in domestic funds investing overseas, bringing the exchange rate close to its lowest level since 2009 [1] - In the second half of this year, the won has been the worst-performing currency in Asia, depreciating over 8% against the U.S. dollar [1] Group 2: Economic Predictions - Lord believes that the shift in monetary policy and easing trade tensions are driving a risk-return profile that favors a recovery of the won [1] - Morgan Stanley forecasts that the U.S. will cut interest rates three times by 2026, while the South Korean central bank's easing cycle is "basically over" [1] - As U.S. economic data weakens, it is expected that the dollar will weaken, providing an opportunity for the won to recover by 2026 [1]