The dynamics and setting of safe-havens among G10 currencies have changed, argued Morgan Stanley in a note to clients. The following are the key points in MS' note. EUR Not a Safe Haven: "The prospect of additional sanctions against Russia is also a potential negative factor for the EUR, in our opinion. We do not see the EUR as a safe haven from recent developments in Russia/Ukraine, especially given Europe’s high level of exposure to the region. Germany has one of the highest trade exposures to Russia, suggesting that further sanctions are likely to have a negative impact on growth prospects at the core of ... (full story)