The U.S. Dollar Index (DXY) has weakened by 0.9% to 108.01, driven by easing concerns over tariffs and a miss in U.S. job openings, according to Morgan Stanley's latest Global Macro Commentary. The report highlights a risk-on sentiment in global markets, with equities gaining and U.S. Treasury yields falling as the JOLTS job openings fell to 7,600k, below the consensus of 8,000k. "USD weakens amid better-than-feared tariff developments, and the sell-off accelerates after the US job openings miss," Morgan Stanley analysts note. The decline in the DXY has also supported a rise in gold prices, which gained 1.0% to reach a fresh high. San Francisco Fed President Daly's comments that the Fed can "wait and see" further contributed to the dollar's decline, as market participants reassess the timing of future rate cuts.