Morgan Stanley reports that the U.S. dollar could turn positive for the first time in months.
The bank says this is due to the rising political uncertainty abroad, particularly in Japan and France, which could be weakening the relative appeal of non-dollar assets.
This stance could suggest potential short-term upside for the greenback across major pairs. Although this might be hard to see in the charts right now. On the charts, EURUSD remains capped below 1.17 after a modest recovery, showing hesitation near a key resistance zone. USDJPY has eased from recent highs around 153 but potentially continues to hold a strong uptrend structure, consistent with broader dollar strength.
However, Morgan Stanley also cautions that any deterioration in U.S. economic data could reverse this prediction, as markets would likely price in additional Federal Reserve rate cuts.
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