摩根士丹利：全球宏观策略_全球外汇仓位_仓位转向多头美元

Investment Rating - The report indicates a long positioning in USD (DXY) and NOK against EUR, while showing increased short positions in NZD and EUR [2][11][19]. Core Insights - Tactical investors are predominantly long on NOK (versus EUR) and USD (DXY), while maintaining short positions in EUR and JPY. In the futures market, there is a long positioning in EUR and GBP, with short positions in CAD and CHF [2][11][19]. - The speculative USD (DXY) futures positioning increased to -13.9% of open interest, up from -12.7% the previous week, indicating a shift in market sentiment towards USD [19]. Summary by Sections - Market Positioning: In the week ending October 4, investors added long positions in USD and NOK, while increasing short positions in NZD and EUR. In the futures market, short AUD positions were reduced, and long NZD positions were increased [2][11]. - Options Data: Options data suggest that tactical investors are most long on NOK and USD, while being short on EUR and JPY. The positioning in the futures market shows long positions in EUR and GBP, and short positions in CAD and CHF [11][19]. - Sentiment Analysis: The Daily Sentiment Index showed the largest improvement for USD, while sentiment for EUR, NZD, and CHF deteriorated the most among G10 currencies [19].