January 26, 2026 01:06 PM GMT G10 FX Strategy | North America M Idea Five USD Factors: Where Do We Stand? The USD bear case has softened as US growth has been surprisingly resilient, but four forces still skew weaker: strong ex- US data, lingering policy risk, an undervalued JPY, and a rising CNY. Key Takeaways Click here to be added to this email distribution list. Morgan Stanley & Co. LLC Andrew M Watrous Strategist Andrew.Watrous@morganstanley.com +1 212 761-5287 Morgan Stanley & Co. International plc+ D ...