Morgan Stanley analysts say the dollar is set to be buoyed by the increased likelihood of a Republican victory later this year, even as Republicans look to curb dollar strength. "While former President Trump has spoken against dollar strength, we believe his policies will lead to dollar strength," strategists such as Andrew Watrus and Zoe Strauss wrote in a research note on August 6. They noted that key dollar indices surged in November and December 2016 after Trump's last election victory. They added that "an expansionary fiscal policy agenda could boost expectations for U.S. economic growth and encourage capital inflows into the U.S. if Republicans win by a wide margin."