Morgan Stanley: Adjusts dollar risk bias to neutral; suggests going long on the yen

The September 20th data from Golden Finance indicates that Morgan Stanley has adjusted its risk outlook for the US dollar to neutral, and recommends going long on the Japanese yen against the US dollar and other risk-sensitive currencies, as the market's concerns about a hard landing in the United States intensify. The current characteristic of the forex market is a 'defensive' mechanism, which may continue and could lead to a future bear market for the US dollar. Historical trends indicate that the most effective trades under a defensive mechanism include going long on the Japanese yen, whether against the US dollar or against risk-sensitive currencies. In conclusion, Morgan Stanley advises caution towards the US dollar and is optimistic about the stronger position of the Japanese yen in the current economic environment.