President Biden is boosting Vaccine allotments, Freeing up more doses for States

Asian currencies mostly weaken against USD, as improved economic prospects for the U.S. versus the rest of the world increase the appeal of USD-denominated assets. The USD's outperformance reflects the better near-term outlook for the U.S. economy compared to the Eurozone and Japan, partly due to the faster rate of Covid-19 vaccinations in the United States of America.

The Dollar Continues to Squeeze Bears with Firmer US Data

πŸ‘‰  GBP and USD were strongest majors overnight, CHF and JPY were the weakest.
πŸ‘‰  Firmer US data strengthened the dollar, weighed on gold (which is back below 1800) and saw EUR/USD close beneath 1.2000.
πŸ‘‰  The steepening yield curve (US10-2yr) underscored the strength of the reflation trade
πŸ‘‰  Oil prices extended their bullish runs, with WTI and Brent at their highest levels since January and February respectively
πŸ‘‰  Global indices remained anchored at (or near) record highs
πŸ‘‰  BOE held rates, and their appetite for negative rates appears almost non-existent
πŸ‘‰  NFP is the main economic event today (with Canadian employment released alongside it)

In Washington, President Joe Biden’s administration announced Tuesday that it is moving to expand access to Covid-19 vaccines, freeing up more doses for states and beginning to distribute them to retail pharmacies next week. The push comes amid new urgency to speed vaccinations to prevent the spread of potentially more serious strains of the virus that has killed more than 445,000 Americans.

Starting next week, 1 million doses will be distributed to some 6,500 pharmacies across the country, the White House said. The administration is also boosting by 500,000 the weekly allocation of vaccines sent directly to states and territories for the coming weeks, up to 10.5 million. It is allowing state and local governments to receive additional federal dollars to cover previously incurred expenses relating to the pandemic.

“Getting it into pharmacies is a viable approach,” said Dan Mendelson, founder of the health care industry consulting firm Avalere Health. “The pharmacies know how to move people in and out.”

Part of the reason the vaccination campaign got off to a slow start, he added, is that states lacked their own infrastructure for mass vaccinations.

The partnership with drugstores was originally announced by the Trump administration in November. At that time, no coronavirus vaccines had been approved. Participating are major chains like CVS, Walgreens and Rite Aid, big box stores such as Walmart and Costco, and supermarket pharmacies. CVS said it will receive 250,000 doses initially, to be distributed to pharmacies in 11 states.

Source: [usnews.com and cityindex]