摩根士丹利：G10 货币策略：战术布局，在 G10 货币中做多英镑

Investment Rating - The report indicates a tactical positioning that is most long GBP in G10 currencies [10]. Core Insights - Options pricing data shows that investors have reduced short USD (DXY) positions and increased long NOK (versus EUR) positions, while decreasing long NZD and SEK (versus EUR) positions [10][11]. - In the futures market, there is a reduction in short USD (DXY) and CAD positions, with an increase in short CHF and a decrease in long EUR positions [10][11]. - Overall, tactical investors are currently long GBP and AUD, while being short JPY and USD (DXY) [10][13]. - Positioning in the futures market indicates long positions in EUR and JPY, and short positions in CHF and NZD [10][13]. - Speculative USD (DXY) futures positioning remains slightly short at -7.63% of open interest, with sentiment on GBP deteriorating the most among G10 currencies [23]. Summary by Sections - Options Data: Investors have shifted to long GBP and AUD, while being short JPY and USD (DXY) as of May 9 [10][13]. - Futures Market: The positioning shows long EUR and JPY, and short CHF and NZD as of May 6 [10][13]. - Sentiment Analysis: The sentiment index indicates that JPY saw the largest improvement, while GBP sentiment deteriorated the most [23].