In contrast, the eurozone’s vaccine rollout has made a slow start against a backdrop of logistical challenges and supply constraints. Eurozone services sentiment remains depressed, as evidenced by the services PMI index declining to 44.7 in February. The reaction to these differing circumstances appears to be primarily playing out in the currency markets where sterling has been appreciating against the euro. However, continental Europe will eventually vaccinate enough of their population to allow a return to normal and when the gap with the UK vaccination rate starts to close the euro could regain some of its recent lost ground against the pound.