# US Market Open: ECB pricing shifts dovishly post-HICP/Schnabel; Focus turns to PCE & IJC | Newsquawk

> European bourses were mostly firmer on August 31 after flash euro zone HICP data and Schnabel's balanced remarks. Pricing for a 25bp ECB hike in September fell to about 30%, from over 60% in recent sessions. The dollar index rose and pressured other currencies, and crude continued to climb.

- Date: 2023-08-31 · published 2023-08-31T12:00:00.000Z
- Category: macro · region Europe · magnitude low
- Page: https://feedsoft.ai/events/34811-us-market-open-ecb-pricing-shifts-dovishly-post-hicp-schnabel-focus-turns-to
- 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

A sharp drop in ECB hike pricing pushes the dollar higher, which can soften dollar-denominated feed commodity prices. Crude's rise adds some cost pressure through energy and freight.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2026-10-23 | [Crude benchmarks firmer amidst ongoing tensions in the Middle East ; EUR digests poor PMI metrics - Newsquawk US Market Open](https://feedsoft.ai/events/781-crude-benchmarks-firmer-amidst-ongoing-tensions-in-the-middle-east-eur-digests.md) | -0.4% | — |
| EURUSD | 2025-04-17 | [Markets see door wide open for more ECB rate cuts on tariff hit](https://feedsoft.ai/events/25335-markets-see-door-wide-open-for-more-ecb-rate-cuts-on-tariff-hit.md) | -0.3% | -1.5% |
| EURUSD | 2017-04-28 | [Euro falls against U.S. dollar on dovish ECB tone - Trending News](https://feedsoft.ai/events/71695-euro-falls-against-u-s-dollar-on-dovish-ecb-tone-trending-news.md) | +0.9% | +3.3% |
| EURUSD | 2025-02-27 | [ECB to cut rates again on March 6 as focus turns to growth](https://feedsoft.ai/events/26270-ecb-to-cut-rates-again-on-march-6-as-focus-turns-to-growth.md) | +2.4% | +2.5% |
| EURUSD | 2021-10-29 | [Euro's losses deepen as markets take dim view of ECB stance \| Financial Post](https://feedsoft.ai/events/7160-euro-s-losses-deepen-as-markets-take-dim-view-of-ecb-stance-financial-post.md) | -1.2% | -3.6% |
| DXY | 2022-04-28 | [Brazil real hit by surging dollar, focus shifts to earnings \| Financial Post](https://feedsoft.ai/events/6865-brazil-real-hit-by-surging-dollar-focus-shifts-to-earnings-financial-post.md) | +0.1% | -0.4% |
| DXY | 2017-04-28 | [Euro falls against U.S. dollar on dovish ECB tone - Trending News](https://feedsoft.ai/events/71695-euro-falls-against-u-s-dollar-on-dovish-ecb-tone-trending-news.md) | -0.1% | -1.4% |
| DXY | 2025-02-28 | [US Dollar Forecast: Attention returns to US labour market](https://feedsoft.ai/events/26227-us-dollar-forecast-attention-returns-to-us-labour-market.md) | -1.5% | -1.3% |

## Sources

- newsquawk.com: https://www.newsquawk.com/daily/3175-us-market-open-ecb-pricing-shifts-dovishly-post-hicpschnabel-focus-turns-to-pce-ijc

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