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The ECB's account of its July monetary policy meeting reviews financial markets since June. It notes US and German yield curves kept flattening and term premia fell deeper into negative territory, partly due to trade-dispute uncertainty driving demand for safe-haven government bonds.
Market expectations for the first ECB rate hike were pushed further out.
Lower yields and a delayed ECB tightening weaken the euro relative to the dollar, which affects dollar-denominated feed commodity prices and import costs for European buyers. The effect on grain and oilseed prices is indirect.
ecb.europa.euEuropean Central Bank23 ago 2018Tras 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.
