Morgan Stanley analyst: Recommend long Euro at 1.1350 to target 1.2000 (stop placed at 1.1250)
- Remain USD bearish
- Draghi may use the this week press statement to keep the door open for further ECB action, but he might have to bring deposit rate cuts back into play to weaken the EUR significantly.
- The ECB extending its QE operation or increasing the amount of its monthly purchases or changing the composition of its security purchases has been mostly priced in by markets