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Nov 22 - 09:55 AM

EUR/USD: Fresh Lockdown Fears Added To List Of Downside Risks - MUFG

By eFXdata  —  Nov 22 - 09:31 AM

MUFG Research maintains a bearish bias on EUR/USD over the coming weeks.

"The fourth lockdown in Austria starts today and will last for at least 20 days. The decision to close all non-essential retail, restaurants and recreations services will have a clear negative impact on economic activity in the near-term. The Austrian government has also gone one step further by making it compulsory to be vaccinated against COVID," MUFG notes.

"Countries in the east of Europe along with Austria and Germany where vaccination rates have been lower than average are currently seeing a sharper pick-up in COVID cases. Governments are already taking measures to restrict the activities of unvaccinated people. The disruptive developments have heightened fears amongst market participants that the pace of economic recovery in the region will be dampened over the winter. It has also prompted market participants to scale back expectations for earlier ECB rate hikes," MUFG adds. 

Source:
MUFG Research/Market Commentary

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