More from MS on the ECB meeting today - a word (or two) on FX - what for the euro?

I posted on Morgan Stanley's European Central Bank preview here a little earlier:

• Its ECB Thursday - what does Draghi have in store for us? Here's a preview (plural!)

And, also, earlier previews from about the place are here:

• European Central Bank meet Thursday - preview: "Tricky"
• A preview of the European Central Bank meeting coming up Thursday
• ECB meet this week - preview
• Two things to expect from the ECB

Anyway, here is MS again, this time with ... A word on FX:

• Most ECB speakers have tended to lean on the hawkish side recently.
• We believe that their view is already well known in the marketplace.
• The press conference and Q&A this Thursday will likely be more balanced, to reflect the broader opinions within the Governing Council.
• Some of its members highlighted the risks around the recent FX uptrend. Beyond this level and pace of appreciation it could indeed become a key factor to watch - though the rise in oil prices still points to upside risks to the ECB inflation forecast.

(bolding mine ... you can see MS is wary of ECB expressions of concern on the euro strength, which is a (not unexpected) risk for the longs)