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- EUR/USD: Limited upside as Europe continues to lag in vaccination roll-out – MUFG
EUR/USD: Limited upside as Europe continues to lag in vaccination roll-out – MUFG
FXStreet reports that MUFG Bank discuss EUR/USD prospects.
“The fragility of the UST bond market could reflect the probable expiry of the suspension of a rule that includes UST holdings and reserves in the calculation of a bank’s supplementary leverage ratio. This rule was suspended when the COVID crisis hit but is due to expire at the end of the month. The reinstatement of the regulation means some banks may need to reduce UST bond inventories. A surprise extension of the suspension could have a bigger impact on pushing yields lower.”
“The news that Italy, Denmark, Norway and Iceland have suspended the use of the AstraZeneca vaccine due to health concerns is not good news. Take-up of AstraZeneca is going to suffer further and could start to impact take-up overall and investors will inevitably push back further the timing and/or the extent of the recovery in the euro-zone relative to the US and the UK. Further reason to remain cautious over the extent of upside for EUR/USD over the short-term.”
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