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The euro broke below $1.1500 after a report that the ECB saw UniCredit as particularly vulnerable to Turkey's market troubles. Analysts saw little sign of a turnaround, with the pair possibly testing $1.1360-$1.1370 if spillover to euro-zone banks continues.
A weaker euro against the dollar makes dollar-priced commodities relatively more expensive for euro-zone buyers and supports dollar strength in global trade pricing.
thenationalnews.comBloombergAug 12, 2018After 533 past bearish macro events, Euro (USD per EUR) moved a median -0.3% over 5 sessions (33% higher; middle half -1.2% to +0.2%), and -0.5% over 20.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Published two days later, it describes the same Turkey-driven euro weakness, including the UniCredit vulnerability, and so confirms the mechanism, though it is not a same-day driver.
