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The European Central Bank raised its key rate by 50 basis points, the third consecutive hike of that size, bringing the total increase to 3 percentage points in seven months. The bank signaled at least one more half-point hike at its next meeting to curb entrenched inflation.
Tighter euro-area monetary policy tends to strengthen the euro and cool demand, which can weigh on dollar-denominated commodity prices and eurozone demand for feed inputs.
reuters.comFeb 2, 2023After 388 past bullish macro events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), and +0.1% over 20.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
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.
