摩根士丹利：全球宏观策略_全球外汇定位_多头美元定位偏差

Investment Rating - The report indicates a long positioning bias for USD, with tactical investors being most long on USD (DXY) and NOK (versus EUR) while being short on EUR and JPY [1][7]. Core Insights - In the week ending October 18, investors reduced short positions in CAD and GBP, while adding short positions in NOK and SEK against EUR. In the futures market, short USD positions were reduced, and long positions in AUD and NZD were cut back [1][7]. - The options data suggests that tactical investors are predominantly long on USD (DXY) and NOK (versus EUR), while being short on EUR and JPY. In the futures market, positioning is long on EUR and GBP, and short on CAD and CHF [1][7]. Summary by Sections - Options Positioning: As of October 18, 2024, the net options positioning for DXY USD was at 47%, indicating a strong long bias among investors [2][11]. - Futures Market Positioning: Speculative USD futures positioning was reduced to -2.2% of open interest, a significant improvement from -11.2% the previous week, reflecting a shift in sentiment towards USD [13]. - Daily Sentiment Index: The Daily Sentiment Index showed the largest improvement for USD, while sentiment for EUR and JPY deteriorated the most among G10 currencies [13].