Key Points:
AUD: Gains supported by positive local factors and global risk appetite.JPY: Strength driven by lower US yields over time and ongoing BoJ policy normalization.
2️⃣ GBP Resilience Despite Bearish Sentiment
Elevated carry attractiveness supports GBP, even as sentiment on the UK economy remains weak.NZD is set to appreciate, but will underperform AUD due to monetary policy divergence and weaker domestic outlook.
4️⃣ Laggards: CAD & CHF
CAD: Domestic economic challenges and persistent trade risk premium weigh on the currency.CHF: Faces pressure as it becomes the "funding currency of choice" in G10 FX.Morgan Stanley expects AUD and JPY to lead G10 FX performance, GBP to stay resilient, and NZD to appreciate but underperform AUD. CAD and CHF are seen as laggards, pressured by trade risks and funding flows.
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