The euro has whittled out across-the-board gains, which has seen, for instance, seen EUR-USD print a four-month high at 1.2245, EUR-JPY a 37-month high, EUR-GBP a two-day peak, and EUR-AUD a three-month high. There has been no specific catalyst, though market commentaries have for some time been recognizing the rapid improvement in the Covid situation across most of continental Europe amid a combo of accelerating vaccination supply and distribution. This is allowing for restrictions to be lifted, while the EU’s 750 bln euro recovery fund is also in the works.
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