After several days dominated by a vaccine-related optimism, which offered support to the euro, headwinds are now challenging the buoyancy of the single currency, causing losses versus other major currencies. The immediate reality presents record numbers of new infections and fatalities in several European countries, reminding investors that the return to normality still remains on the distant horizon. The second wave of the pandemic will surely add to the economic woes of the continent, particularly as any stimulus package continues to be blocked by a political tug-of-war between Brussels and a Polish-Hungarian coalition.
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