While the precipitous decline in crude prices has continued to capture market attention in the early days of 2015, FX markets will be very much focused this week on the January ECB meeting, says Morgan Stanley. "The focus on the meeting has sharpened following the SNB’s decision to remove the floor on EUR/CHF, which has resulted in broader – and continued – EUR weakness and increased volatility in global FX market," MS adds. MS Base Case: "Our economists’ base case remains that the ECB announces QE in March, with a strong easing signal next week," MS projects. Market Reaction: "In that scenario, we would ... (full story)