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Euro trading has been driven by the energy crisis linked to the war in Ukraine rather than by ECB rate decisions. The euro sold off after the September ECB decision, showing how little monetary policy has mattered to currency traders.
Euro weakness tied to energy costs raises the price of imports into Europe and signals weaker European demand for feed and food inputs. Policy rate changes are currently a weak driver of the currency.
bloomberg.comNaomi TajitsuSep 9, 2022After 533 past bearish macro events, Euro (USD per EUR) moved a median -0.3% over 5 sessions (33% higher; middle half -1.2% to +0.2%), and -0.5% 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.
