A more risk positive environment appears to be developing for currencies markets which should continue to provide some short-term relief for commodity-related currencies and selective EM currencies, says Morgan Stanley. "However, the reaction in currency markets, so far, has been more muted than may have been expected. This may cause some questioning of the relationship between currencies and the risk environment," MS adds. The obvious example for that, according to MS, is EUR/USD where despite the bounce back in risk sentiment, it remained in a range. Does the inverse relationship between the EUR and risk (equity ... (full story)