Morgan Stanley remain with a bearish bias on EUR/USD, targeting to 0.93

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Morgan Stanley snippet:

• “We remain bearish on EUR/USD targeting 0.93. Stagflationary concerns continue to rise in Europe as geopolitical uncertainties accelerate. ECB hawkishness may be insufficient to support the currency in a stagflationary environment, we think,” MS notes.
• “Moreover, market implied terminal rates for the ECB may be elevated (3%) compared to a more plausible outcome like 2%. The upcoming inflation print will be an important market event as investors seek to gauge the path for Eurozone inflation,” MS adds.