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The dollar is at its most oversold level in over 40 years, investment bank Morgan Stanley said on Friday, adding it had now shifted from its dollar-bearish stance and turned "tactically neutral" on the U.S. currency. They are also closing long positions on the euro and Australian dollar versus the greenback. It added moreover that risks appeared to be building for the equity rally, following improving company earnings and investment inflows in the past fortnight.

Mizuho were very early on the bullish long Euro call. Here's why: 
"The euro’s ascendancy, as a credible currency and safe haven, is now a given. We reiterate our 1.30 EURUSD 1y-ahead target and the asymmetry of € fixed income longs vs. USD assets.
Is it all in the price now? No. This is structural, and the FX regime change will play out over the coming quarters. It will likely be the deflationary impetus that prevents the ECB from even edging towards tighter policy, but will keep peripheral yields at sustainable levels. IG credit spreads will return to the tights.
European risk assets, and corporates more broadly, will benefit from inward investment, a more stable geopolitical outlook, and we expect to see the euro attracting significant safe-haven flows in the coming quarters. We look at the upside potential of European equities.
Inflows into Europe, more M&A, and generally a more vibrant economic bloc, will be positive for European banks. With the valuation of European Banks at the lows vs. US Consumer Discretionary, we add a long of the European Bank ETF vs. the S&P Consumer Discretionary ETF.

Turkish Lira has entered in freefall mode, plunging to a record low against the dollar as investors bet on a total collapse of the Turkish economy next (source: Bloomberg).

Turkish lira (purple line) is in crash mode (last 7.095) while Turkey 5-year CDS (yellow line) are moving sharply higher

Peter Schiff says the new historic and record-breaking fall in gross domestic product numbers coupled with unemployment and the Federal Reserve’s excessive money creation will cause a dollar collapse. Once that happens, the entire house of cards that is the United States will fall - source: www.zerohedge.com