Morgan Stanley with a quick looks at the FX bias
USD: Fed Supports USD. Bullish.
The Fed minutes have supported our bullish USD view, and we see scope for further gains. As long as the Fed wants optionality on a June rate hike, rate hike expectations are likely to increase and higher yields should support USD. At the same time, the global economic backdrop has worsened, with China data weakening, and risk appetite has weakened. We are watching core PCE and payrolls this week closely for evidence of improving economic data. We like buying USD against commodity currencies and EM.
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