🌐G10FX Perf. % / G10 Vaccination

**VACCINATION RATES PER COUNTRY VS. YTD G10FX PERFORMANCE TO THE U.S. DOLLAR

**Data to 09/03/21

• The relationship is starting to lose strength with R-squared going to 0.05 from 0.25 about a month ago and 0.30 back in July

• If vaccinations were the sole driver of FX spot, then EUR has a lot of room to advance vs USD and G10 peers.

• Also, NZD might need to give back some gains as New Zealand reported only 25% of its population vaccinated on Friday, but the kiwi is nearly flat vs the USD, YTD