Morgan Stanley on USD, JPY, CHF, CAD, AUD and NZD
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USD: The End of an Era. Bullish.
We believe that USD is likely to outperform into the first Fed hike. The
market is not pricing a March hike, and risks are skewed towards the market
increasing the chance of a faster pace in the hiking cycle. Outperformance
should be focused against commodity currencies and EM, given the downtrend in
commodity prices recently and the somewhat hawkish ECB meeting last week.