Morgan Stanley Research summarizes its views on EUR, JPY, and GBP.

"EUR View: Neutral | Skew: Bullish.  EUR/USD faces upside risks from what we expect will be a further weaker USD, but EUR's own headwinds from an overly-hawkish ECB pricing and an expected increase in election risk premium make EUR an attractive funder on crosses," MS notes.

"JPY View: Neutral | Skew: Bearish. While the market is pricing in a sharper BoJ rate hiking cycle, USD/JPY could trade higher on the back of strong global risk sentiment and elevated US terminal rate pricing despite a modest US inflation print.

GBP View: Neutral | Skew: Bearish. We expect GBP to be a medium-term laggard from a dovish BoE pivot, but that will take time to play out, and its reasonably high carry may help support it versus low-yielding peers in the interim," MS adds.