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Investors should be positioning themselves for a weaker dollar over time, according to Matthew Hornbach, Global Head of Macro Strategy at Morgan Stanley.

Key quotes

“We see a dramatic increase in supply meeting, and then exceeding, demand. And while the demand for US dollars is at a fever pitch today, we don’t think that demand is going to last forever either.”

“We don’t expect US dollar weakness to happen overnight, or against all currencies at the same time. The US dollar, right now, is going through a topping process after a multi-year bull market.”