Bookmakers Sky Bet and Paddy Power have made the hosts 2/5 favourites to win the series, which gets underway at Trent Bridge on Wednesday.
"Being favourites gives the guys a lot of confidence," Morgan told Sky Sports News. "They know how good they are and how they have performed over the last few years.
"You have got some fantastic cricketers in a fantastic side and they have handled pressure really well and hopefully will continue to do that throughout the summer. So they will be quite relaxed about it."
Morgan is currently sidelined with a broken finger.