LOCKED MI2 Trader: EURGBP

Comment

Over the last few weeks and months, we have designated the UK as the “trailblazer” economy. The rapidly executed vaccination programme gave the UK a head start, especially compared to a dilatory, politicised and incompetent showing from their “European friends and allies”, as Bozza likes to call them. Some of that advantage was temporarily squandered as the delta variant let rip, putting our thesis on hold and allowing European vaccination programmes to catch up to a large extent, although we suspect behavioural factors may still need time to play out in Europe more so than the UK.