# EUR/USD: FED Unlimited QE Sees Euro Gains But Nordea Unwilling To Call For Weaker Dollar Outlook

> The Fed announced Treasury and agency MBS purchases and new facilities worth up to $300 billion to support credit flows. The euro gained against the dollar while gold surged and commodity currencies and sterling came under pressure.

- Date: 2020-03-23 · published 2020-03-23T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/11349-eur-usd-fed-unlimited-qe-sees-euro-gains-but-nordea-unwilling-to-call-for
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Expanded Fed support lifted the euro against the dollar, while risk aversion weighed on commodity currencies. Gold strength reflects weaker confidence in fiat currencies.

## Read by commodity

- DXY: bearish ▼
- EURUSD: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| EURUSD | 2020-03-26 | 1 | +1.8% | 3.2 | The Fed's unlimited QE and new credit facilities (23 March) eased dollar funding stress and supported euro gains, a mechanism consistent with the continued rebound into 26 March. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2023-11-30 | [US dollar gains but set for worst monthly loss in a year, euro falls](https://feedsoft.ai/events/33379-us-dollar-gains-but-set-for-worst-monthly-loss-in-a-year-euro-falls.md) | -1.6% | +0.9% |
| EURUSD | 2026-08-26 | [Euro: ECB tightening outlook offers support against US Dollar - BNY](https://feedsoft.ai/events/18099-euro-ecb-tightening-outlook-offers-support-against-us-dollar-bny.md) | -0.7% | -2.4% |
| EURUSD | 2024-08-02 | [EUR/USD outlook: Surges on much weaker than expected US NFP numbers](https://feedsoft.ai/events/9283-eur-usd-outlook-surges-on-much-weaker-than-expected-us-nfp-numbers.md) | +1.2% | +2.8% |
| EURUSD | 2017-12-01 | [FOREX-Dollar gains vs yen on US tax reform hopes but sags against euro, pound](https://feedsoft.ai/events/67699-forex-dollar-gains-vs-yen-on-us-tax-reform-hopes-but-sags-against-euro-pound.md) | -0.9% | +1.0% |
| EURUSD | 2026-07-27 | [Euro: September hike outlook offers support against US Dollar – UOB](https://feedsoft.ai/events/18560-euro-september-hike-outlook-offers-support-against-us-dollar-uob.md) | +1.2% | +2.6% |
| DXY | 2023-11-30 | [US dollar gains but set for worst monthly loss in a year, euro falls](https://feedsoft.ai/events/33379-us-dollar-gains-but-set-for-worst-monthly-loss-in-a-year-euro-falls.md) | +0.6% | -1.2% |
| DXY | 2020-06-11 | [Fed's gloomy outlook steadies dollar slide, for now - Business & Finance - Business Recorder](https://feedsoft.ai/events/52806-fed-s-gloomy-outlook-steadies-dollar-slide-for-now-business-and-finance.md) | +1.2% | +0.8% |
| DXY | 2026-08-26 | [Euro: ECB tightening outlook offers support against US Dollar - BNY](https://feedsoft.ai/events/18099-euro-ecb-tightening-outlook-offers-support-against-us-dollar-bny.md) | +0.4% | +1.6% |

## Sources

- exchangerates.org.uk: https://www.exchangerates.org.uk/news/29008/2020-03-23-eur-usd-fed-unlimited-qe-sees-euro-gains-but-nordea-unwilling-to-call-for-weaker-dollar-outlook.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.