Morgan Stanley Research summarizes its USD and EUR views.

"USD View: Neutral | Skew: Bearish. The window for a modest DXY decline to 94 or so is widening in the medium term, though near-term uncertainty over energy supplies keeps us neutral overall," MS notes.

EUR View: Neutral | Skew: Bullish. We see a wider window for EUR/USD to rise to 1.20-1.25 in the coming months, while the window for EUR/USD below 1.15 has gotten narrower thanks to the 'oil tax' on the US consumer limiting US aggregate demand," MS adds.