The USD will be one of the currency stalwarts of 2012, with the EUR/USD falling steadily as private sector deleveraging joins public sector concerns and safe-havens benefit, says Morgan Stanley. "Global liquidity will be in retreat and volatility may trade at higher levels, suggesting the (U.S. dollar) and (Japanese yen) will stay strong over the course to the next year," says the banking giant. For the first, second, third and fourth quarters, Morgan Stanley targets the EUR/USD at 1.2500, 1.2300, 1.2100 and 1.2000, respectively. For the JPY, Morgan Stanley says it will be robust in 2012 as safe-haven flows continue ... (full story)