October 27, 2025 12:02 PM GMT G10 FX Strategy M Global Idea The Dollar and its Risks We outline US dollar drivers, including our real rates USD framework, growth and rate differentials, policy risks, hedging dynamics, fiscal concerns abroad, and USD positioning. We expect USD to weaken as real yields fall and growth gaps narrow, but outline what would turn us bullish on USD. Key Takeaways Click here to be added to this distribution list. Morgan Stanley & Co. LLC Andrew M Watrous Morgan Stanley MUFG Securiti ...