Here is the bias from Morgan Stanley FX strategists for the week ahead:

"USD: Approaching the Catalyst. Bullish.

After the upcoming durable goods report, there is little to stop the USD retracement in the near term. However, next week's US data should be broadly supportive for the currency, and could be the catalyst for the return of the strong USD trend. Base effects could boost the ECI, which is important for the Fed outlook given they are watching wages closely. We maintain our medium term bullish USD view.

EUR: Monetary and Political Pressures. Bearish.

With a slew of US data out next week, we see scope for EURUSD to soften. Greek risks remain high and should weigh on European assets generally. European data has improved somewhat, but we doubt that will be enough to boost the currency meaningfully with interest rates still low. We will watch the CPI print next week closely, to see if reflation is indeed progressing - however, as it starts from a very low base, we believe it will be some time before the currency reacts.

JPY: Strong on the Crosses. Bullish.

We remain bullish JPY on the crosses but are a bit more cautious going into the BoJ meeting given the central bank has a history of surprising. That said, our base case is for no further easing and a tapering of monetary policy in Autumn 2016, so we expect JPY to outperform on the crosses in the medium term. In addition, concerns about Greece could dampen risk appetite, which would also offer relative support to JPY.

GBP: Longer Term Sell. Bearish.

The BoE's minutes were taken quite hawkishly by the markets and supported GBPUSD but only temporarily. This suggests to us that the longer term impact of political uncertainty and lowflation are likely to keep GBPUSD under selling pressure. We prefer to sell GBP on larger rebounds but take a more cautious approach into the election. With volatility having come down from the highs, we also keep an eye on this measure.

AUD Regional Weakness? Bearish.

We expect AUD to weaken over coming weeks, as China data has been somewhat soft, Korean GDP fell, and the RBNZ expressed a softer tone. Though CPI this week was in line, weakness elsewhere in the region could prompt a response from the RBA in coming meetings. With broad based USD strength expected to resume following the slew of data next week, we believe AUD could see further pressure."

For bank trade recommendations, check out eFX Plus.