© Reuters. FILE PHOTO: The company brand of monetary agency Morgan Stanley is pictured on a constructing in San Diego, California September 24, 2013. REUTERS/Mike Blake/File Photograph
(Reuters) – Morgan Stanley (NYSE:) minimize its 2023 year-end forecast for the to 98, and expects the buck’s weak spot to be extra pronounced towards the euro this yr as worries concerning the severity of an financial downturn begin to ease.
“International progress is exhibiting indicators of buoyancy, macro and inflation uncertainty are waning and the USD is quickly dropping its carry benefit,” stated foreign money strategists at Morgan Stanley led by James Ok Lord, in a word revealed late on Sunday.
They beforehand noticed the greenback index, which weighs the buck towards a basket of six main rivals, ending 2023 at 104.
The Wall Road financial institution now sees the euro strengthening to 1.15 by year-end versus a earlier forecast of 1.08.