◂ Event Timeline

Sep 12, 2024MACROEurope

VIEW ECB delivers second rate cut of the year

The ECB cut its deposit rate by 25 basis points to 3.50%, its second cut of the year. Inflation is close to the 2% target and the domestic economy is barely avoiding recession.

WHY IT MATTERS

Lower euro-area rates narrow the interest rate gap with the US, which can weaken the euro and influence dollar-priced commodity costs for European importers.

AFFECTSEURUSD◆

SOURCE
reuters.comSep 12, 2024

Price reaction & history

EURUSD◆neutralSO FAR1d +0.3%5d +0.9%20d -0.6%

After 129 past neutral macro events, EURUSD moved a median -0.1% over 5 sessions (45% higher; middle half -0.5% to +0.5%), and +0.1% over 20.

Sep 12, 2024ECB dents traders' hopes for October rate cut+0.9%
Jan 28, 2021ECB despot rate cut isn't the way to counter Euro strength – IIF — Octa-0.6%
Aug 29, 2022Dollar eases off of 20-year high as euro boosted by rates view | Reuters+0.3%
Sep 11, 2025Traders raise bets that the ECB is done cutting rates | Reuters+1.1%
Oct 26, 2023ECB snaps rate-hike streak, pushes back on talk of cuts | Reuters-0.4%

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.

EURUSD · GP ▸

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