Morgan Stanley reiterates its bearish EUR view and expresses that via holding 2 short EUR/USD positions as a short-term and medium-term recommendations. Falling peripheral yields: "Peripheral bond yields have come down and with the €400 billion TLTRO standing ready to boost commercial bank balance sheets, peripheral bond yields are likely to fall further. However, falling peripheral yields should reduce the attractiveness of this asset class for non-bank investors. Investors will likely look for alternatives and, with cross-currency yield differentials widening in favor of non-EUR currencies, EUR should come under ... (full story)