◂ Event Timeline

Jul 18, 2024MACROEurope

European Central Bank holds rates, says domestic price pressures high

The ECB left its key rate at 3.75% on July 18, 2024, in a unanimous vote, after a June cut. The bank said domestic price pressures and services inflation remained high, and markets priced two more cuts this year.

WHY IT MATTERS

Expected policy easing later in 2024 points to a softer euro over time, which can lift euro-zone feed and grain import costs in dollar terms.

AFFECTSEuro (USD per EUR)◆

SOURCE
cnbc.comJenni ReidJul 18, 2024

Price reaction & history

Euro (USD per EUR)◆neutralSO FAR1d -0.2%5d -0.7%20d +0.8%

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

Sep 12, 2024European Central Bank cuts interest rates again and lowers growth forecasts+0.9%
Oct 29, 2019Draghi leaves Lagarde to heal rift at European Central Bank | Reuters+0.5%
Oct 26, 2023ECB holds interest rates steady after 10 consecutive hikes-0.4%
Jul 26, 2024How long can the Central Banks’ divergence last | Amundi Research Center-0.7%
Feb 5, 2026ECB holds rates but it's not a 'non-event,' economists say. Here's why+0.7%

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.

Euro (USD per EUR) EURUSD · GP ▸

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