# Stocks rally as euro gains on likely rate hikes

> US and European stocks rallied on May 23, 2022, with the S&P 500 moving away from a bear market. The euro rose 1.24% to $1.0691 after the ECB said it was likely to lift its deposit rate out of negative territory by September. Oil prices slid while the dollar fell.

- Date: 2022-05-23 · published 2022-05-23T12:00:00.000Z
- Category: macro · region Europe · magnitude low
- Page: https://feedsoft.ai/events/12688-stocks-rally-as-euro-gains-on-likely-rate-hikes
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Rising ECB rate expectations weakened the dollar, which tends to support dollar-denominated commodity prices in local-currency terms for importers. Lower oil prices reduce energy and freight cost pressure on feed supply chains.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼
- EURUSD: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| EURUSD | 2022-05-23 | 5 | +2.4% | 2.8 | The euro gained about 1.2% on May 23 on ECB hike expectations while risk appetite improved and the dollar fell, which contributed to the weekly rise. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2022-04-21 | [Euro gains on ECB rate hike view, Macron optimism](https://feedsoft.ai/events/42063-euro-gains-on-ecb-rate-hike-view-macron-optimism.md) | -2.8% | -3.3% |
| EURUSD | 2022-12-15 | [Sterling falls against dollar and euro on 'dovish' UK rate hike](https://feedsoft.ai/events/38477-sterling-falls-against-dollar-and-euro-on-dovish-uk-rate-hike.md) | -0.5% | +1.5% |
| EURUSD | 2024-09-12 | [Euro gains after ECB rate cut as Lagarde pushes back on October ease](https://feedsoft.ai/events/28525-euro-gains-after-ecb-rate-cut-as-lagarde-pushes-back-on-october-ease.md) | +0.9% | -0.6% |
| EURUSD | 2026-07-30 | [Euro Rises on Strong Eurozone Data and ECB Rate Hike Bets](https://feedsoft.ai/events/7685-euro-rises-on-strong-eurozone-data-and-ecb-rate-hike-bets.md) | +1.4% | +2.3% |
| EURUSD | 2022-05-23 | [Euro climbs as ECB eyes rate hikes, dollar slides \| Reuters](https://feedsoft.ai/events/12687-euro-climbs-as-ecb-eyes-rate-hikes-dollar-slides-reuters.md) | +1.4% | -0.1% |
| DXY | 2024-09-12 | [Euro gains after ECB rate cut as Lagarde pushes back on October ease](https://feedsoft.ai/events/28525-euro-gains-after-ecb-rate-cut-as-lagarde-pushes-back-on-october-ease.md) | -1.0% | +0.1% |
| DXY | 2022-05-23 | [Euro climbs as ECB eyes rate hikes, dollar slides \| Reuters](https://feedsoft.ai/events/12687-euro-climbs-as-ecb-eyes-rate-hikes-dollar-slides-reuters.md) | -0.9% | +1.1% |
| DXY | 2020-03-02 | [Yen, euro gain on dollar as Fed rate cut talks heat up \| Malay Mail](https://feedsoft.ai/events/6189-yen-euro-gain-on-dollar-as-fed-rate-cut-talks-heat-up-malay-mail.md) | -0.8% | +4.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/europe/global-markets-wrapup-1-2022-05-23/

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