Credit Agricole CIB Research tests the importance of relative vaccination rates on G10 FX spot exchange rates.

"Vaccination rates are having the largest impact on EUR/GBP and USD/JPY. Part of the reason for this is the large leads the US and the UK have over Japan and the Eurozone in terms of vaccination rates," CACIB notes.

"Vaccination rates have less, but still significant, impacts on EUR/USD, AUD/USD, USD/CAD and EUR/NOK," CACIB adds.