Morgan Stanley remains bullish on EUR/USD into year-end and views pullbacks as buying opportunities as it says the ECB's OMT is already an effective backstop, even though it's not been activated, limiting market reaction to negative news especially for the EUR. "Although EUR has suffered a setback on the recent stream of negative news, we point to the continued relatively low level of EUR volatility and upward trend in the risk reversals from the deeply negative levels of a year ago," bank says, adding that this causes it to remain positive on EUR. EUR/USD now at 1.2945.
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