No rebound in the euro as long as slow vaccination campaigns cloud recovery prospects

The EUR/USD has fallen below 1.20. The USD is strong, but the euro is weakening vs other currencies as well, the main reason being the slow start in the vaccination campaigns that cloud recovery prospects. While markets focus on the timing and the extent of the economic rebound in the US and the UK, they still worry about potential new lockdown in the main countries of the euro area and the EU in general. The EUR/USD is now trading just above 1.1950 while the EUR/GBP has fallen below 0.875, levels not seen since May last year. The US job report in on the agenda today.