The EUR/USD rebound after the March FOMC proved limited and short-lived, highlighting the major underlying bearish trend, notes Morgan Stanley. "EUR weakness has been driven by several factors, such as the ECB’s QE operations and the growing use of EUR as a global funding currency, both for portfolio and business investment," MS adds. While these EUR-bearish factors are set to continue, a question that is now being asked by MS clients is what will be the trigger for the next leg of the EUR decline? "We believe the answer lies with the major global risk factors – the most important for EUR being the developments in ... (full story)