# Euro climbs as ECB eyes rate hikes, dollar slides | Reuters

> The dollar index fell on May 23, 2022 while the euro rose about 1.1% to $1.0687 after ECB President Christine Lagarde signaled the bank would likely lift its deposit rate out of negative territory by end-September. Lagarde also said further hikes were possible if inflation stabilized near 2%. Riskier assets gained as recession fears eased.

- Date: 2022-05-23 · published 2022-05-23T12:00:00.000Z
- Category: macro · region Europe · magnitude medium
- Page: https://feedsoft.ai/events/12687-euro-climbs-as-ecb-eyes-rate-hikes-dollar-slides-reuters
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A firmer euro and weaker dollar make dollar-priced US commodities relatively cheaper for European buyers, which modestly supports US export demand for feed grains and meals. The move is a currency-driven shift rather than a change in physical supply.

## Read by commodity

- DXY: bearish ▼
- EURUSD: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| EURUSD | 2022-05-23 | 5 | +2.4% | 2.8 | Lagarde signaled the ECB would lift its deposit rate out of negative territory by end-September, lifting the euro about 1.1% on May 23, the final day of the window, while the dollar index fell. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2023-01-23 | [Dollar edges lower vs euro on ECB rate hike bets \| Reuters](https://feedsoft.ai/events/37999-dollar-edges-lower-vs-euro-on-ecb-rate-hike-bets-reuters.md) | +0.2% | -1.4% |
| EURUSD | 2022-05-23 | [Dollar Vs. Euro: Greenback Hits One-Month Low As ECB Eyes Rate Hikes - Markets Insider](https://feedsoft.ai/events/41613-dollar-vs-euro-greenback-hits-one-month-low-as-ecb-eyes-rate-hikes-markets.md) | +1.4% | -0.1% |
| EURUSD | 2023-12-14 | [Euro-Dollar Closing On 1.10 As ECB Resists Rate Cut Bets](https://feedsoft.ai/events/8300-euro-dollar-closing-on-1-10-as-ecb-resists-rate-cut-bets.md) | +1.5% | +1.5% |
| EURUSD | 2023-03-16 | [Euro rises, dollar falls after ECB rate decision](https://feedsoft.ai/events/10083-euro-rises-dollar-falls-after-ecb-rate-decision.md) | +2.4% | +4.3% |
| EURUSD | 2023-12-14 | [Dollar tumbles on dovish Fed, euro gains as ECB talks down rate cuts – ThePrint – ReutersFeed](https://feedsoft.ai/events/8298-dollar-tumbles-on-dovish-fed-euro-gains-as-ecb-talks-down-rate-cuts-theprint.md) | +1.5% | +1.5% |
| DXY | 2023-01-23 | [Dollar edges lower vs euro on ECB rate hike bets \| Reuters](https://feedsoft.ai/events/37999-dollar-edges-lower-vs-euro-on-ecb-rate-hike-bets-reuters.md) | -0.4% | +1.0% |
| DXY | 2026-07-29 | [Dollar slips as Fed holds rates steady \| Reuters](https://feedsoft.ai/events/8418-dollar-slips-as-fed-holds-rates-steady-reuters.md) | -0.9% | -2.0% |
| DXY | 2022-05-23 | [Dollar Vs. Euro: Greenback Hits One-Month Low As ECB Eyes Rate Hikes - Markets Insider](https://feedsoft.ai/events/41613-dollar-vs-euro-greenback-hits-one-month-low-as-ecb-eyes-rate-hikes-markets.md) | -0.9% | +1.1% |

## Sources

- reuters.com: https://www.reuters.com/business/dollar-wobbles-lower-china-growth-hopes-lift-aussie-2022-05-23/

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