# ECB Turns More Hawkish as Elevated Oil Prices Lift Inflation Risks | Investing.com

> XM Group reported on April 28 that the ECB kept rates unchanged in its March decision but adopted a more hawkish tone due to Middle East war risks. Euro-area headline inflation rose to 2.6% in March from 1.9% in February, and April's composite PMI showed business activity contracting for the first time since December 2024. Markets were pricing higher odds of a June hike.

- Date: 2026-04-28 · published 2026-04-28T12:00:00.000Z
- Category: macro · region Europe · magnitude low
- Page: https://feedsoft.ai/events/19948-ecb-turns-more-hawkish-as-elevated-oil-prices-lift-inflation-risks-investing-com
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Expectations of a hawkish ECB support the euro and can lift the currency value of European feed purchases from dollar-priced markets. Weaker European business activity could reduce demand for animal products and feed.

## Read by commodity

- EURUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2023-02-22 | [Investors increase bets on ECB lifting rates to all-time high](https://feedsoft.ai/events/37539-investors-increase-bets-on-ecb-lifting-rates-to-all-time-high.md) | -0.5% | +1.1% |
| EURUSD | 2024-04-30 | [Euro-Dollar: Inflation, GDP Data Prompts Hawkish Rethink of ECB Rate Outlook](https://feedsoft.ai/events/30941-euro-dollar-inflation-gdp-data-prompts-hawkish-rethink-of-ecb-rate-outlook.md) | +0.6% | +1.5% |
| EURUSD | 2021-08-31 | [Euro Looks for Direction on Red-Hot Inflation Ahead of ECB Meeting](https://feedsoft.ai/events/45764-euro-looks-for-direction-on-red-hot-inflation-ahead-of-ecb-meeting.md) | +0.5% | -1.0% |
| EURUSD | 2017-09-07 | [ECB cites inflation-dampening euro rate as policy factor](https://feedsoft.ai/events/69161-ecb-cites-inflation-dampening-euro-rate-as-policy-factor.md) | -0.4% | -1.5% |
| EURUSD | 2025-12-18 | [EUR/USD rebounds as ECB holds rates and US inflation cools](https://feedsoft.ai/events/21719-eur-usd-rebounds-as-ecb-holds-rates-and-us-inflation-cools.md) | +0.3% | -1.3% |

## Sources

- investing.com: https://www.investing.com/analysis/ecb-turns-more-hawkish-as-elevated-oil-prices-lift-inflation-risks-200679276

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