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The ECB announced fresh coronavirus stimulus but held its deposit rate unchanged, which disappointed markets that had expected a cut. The euro fell to $1.1198 as investors rushed into dollars, and the dollar index rose 1.1% to 97.60 as cross-currency swap spreads widened.
A stronger dollar driven by a funding squeeze tends to pressure dollar-denominated commodity prices and widens the gap for non-US feed buyers facing a weaker local currency.
financialpost.comReuters12 mar 2020
cnbc.comReuters12 mar 2020Tras 2356 eventos alcista de macro pasados, Dólar estadounidense (amplio) se movió una mediana de +0,2 % en 5 sesiones (60% al alza; mitad central entre -0,3 % y +0,7 %), y +0,4 % en 20.
Tras 533 eventos bajista de macro pasados, Euro (USD por EUR) se movió una mediana de -0,3 % en 5 sesiones (33% al alza; mitad central entre -1,2 % y +0,2 %), y -0,5 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
Same-day ECB decision to hold the deposit rate (no cut) while the dollar surged on a dash for liquidity and wider swap spreads directly explains the euro's roughly 1.8% drop against the dollar.
On 12 March the ECB disappointed by holding its deposit rate while a dollar funding squeeze widened swap spreads, so the euro fell to $1.1198 at the start of the 5-day window.
The ECB's 12 March package disappointed markets and widening cross-currency swap spreads sparked a dollar rush, setting up the euro's weakness, though it falls several days before the 17 March move.
