EU Takes Action On Astra Jabs, Merkel Pressures State Leaders To Fight Covid

EUR/JPY picked up a bid last Friday, moving away from seven-week lows after charting a gravestone Doji candlestick the day before. The rate last sits at Y129.42, a handful of pips better off on the day.

• EU Internal Market Commissioner Breton said that the bloc will block exports of AstraZeneca Covid-19 jabs produced on its territory if the company fails to fulfil its contractual obligations to the EU. He added that the EU will have enough jabs to achieve herd immunity in Jul.
• ECB Chief Economist Lane told participants of the Ambrosetti Forum that economic recovery in the eurozone largely depends on fiscal stimulus, as its macroeconomic role "is especially predominant under current conditions."
• In Germany, Cll'r Merkel urged state leaders to take bold measures against the resurgence of Covid-19 infections threatened to assert federal control over social restrictions after the "broken commitments" of some regional ministers-president.
• Bulls look for a rally above Mar 22 high of Y129.94, with next resistance coming up at Y130.67, which represents Mar 18 cycle peak. A dip through Mar 24 low of Y128.29 would please bears, shifting focus to the 50-DMA at Y128.01.
• There is little of note on EZ docket today. Later in the week, focus moves to PMI & inflation data from across the region, German unemployment and comments from ECB's de Cos, Centeno & Villeroy.