# Euro drops as ECB’s Schnabel pushes back on hikes; NFPs due | Convera

> The euro dropped about 0.7% against the dollar after ECB board member Isabel Schnabel said growth prospects were weaker than the June staff baseline, despite euro zone headline inflation of 5.3%, above the 5.1% expected. The dollar was mostly lower across Asia, and the market awaited the US non-farm payrolls report.

- Date: 2023-08-31 · published 2023-08-31T12:00:00.000Z
- Category: macro · region Europe · magnitude low
- Page: https://feedsoft.ai/events/34809-euro-drops-as-ecb-s-schnabel-pushes-back-on-hikes-nfps-due-convera
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Currency swings of this size shift the relative cost of dollar-priced feed ingredients for European and Asian buyers. The effect on commodity prices is limited unless the move persists.

## Read by commodity

- DXY: bullish ▲
- EURUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2021-10-28 | [ECB's Lagarde sees higher inflation; pushes back on rate-hike bets \| Reuters](https://feedsoft.ai/events/7162-ecb-s-lagarde-sees-higher-inflation-pushes-back-on-rate-hike-bets-reuters.md) | -0.1% | -2.6% |
| EURUSD | 2024-09-23 | [Euro drops as glum PMI readings stoke bets on more ECB easing  - The Business Times](https://feedsoft.ai/events/28529-euro-drops-as-glum-pmi-readings-stoke-bets-on-more-ecb-easing-the-business-times.md) | 0.0% | -3.0% |
| EURUSD | 2018-12-13 | [Euro slips as ECB ends bond purchases](https://feedsoft.ai/events/61763-euro-slips-as-ecb-ends-bond-purchases.md) | +0.5% | +0.3% |
| EURUSD | 2022-06-09 | [Stocks, euro slip as ECB sets rate hikes, CPI looms \| Reuters](https://feedsoft.ai/events/9634-stocks-euro-slip-as-ecb-sets-rate-hikes-cpi-looms-reuters.md) | -3.3% | -5.2% |
| EURUSD | 2019-01-24 | [Dollar rises vs euro as ECB's Draghi warns on downside risks](https://feedsoft.ai/events/61302-dollar-rises-vs-euro-as-ecb-s-draghi-warns-on-downside-risks.md) | +0.2% | -0.4% |
| DXY | 2024-09-23 | [Euro drops as glum PMI readings stoke bets on more ECB easing  - The Business Times](https://feedsoft.ai/events/28529-euro-drops-as-glum-pmi-readings-stoke-bets-on-more-ecb-easing-the-business-times.md) | -0.2% | +2.5% |
| DXY | 2018-12-13 | [Euro slips as ECB ends bond purchases](https://feedsoft.ai/events/61763-euro-slips-as-ecb-ends-bond-purchases.md) | -0.1% | -1.9% |
| DXY | 2022-06-09 | [Stocks, euro slip as ECB sets rate hikes, CPI looms \| Reuters](https://feedsoft.ai/events/9634-stocks-euro-slip-as-ecb-sets-rate-hikes-cpi-looms-reuters.md) | +2.7% | +3.4% |

## Sources

- convera.com: https://convera.com/blog/market-insights/fx-research/daily-market-updates/euro-drops-as-ecbs-schnabel-pushes-back-on-hikes-nfps-due/

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