ECB Charts Lone Crisis Stimulus in Choppy Wake of Shifting Fed

After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.

• Sep 20, 2017Fed signals interest rates will keep going higher as it exits financial crisis policy+1.1%
• Jun 14, 2018ECB to end crisis-era stimulus programme in December+1.1%
• Oct 29, 2020Euro falls to four-week low as ECB flags easing in December | Financial Post-0.5%
• Jan 27, 2022Dollar rise drags copper lower on hawkish U.S. Fed comments | Financial Post+0.1%
• Oct 29, 2020Latam FX fails to shake off virus, election worries | Financial Post-0.5%

After 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.

• Oct 29, 2021Euro's losses deepen as markets take dim view of ECB stance | Financial Post-1.2%
• Jun 14, 2018ECB to end crisis-era stimulus programme in December-1.6%
• Oct 29, 2020Euro falls to four-week low as ECB flags easing in December | Financial Post-0.2%
• Sep 17, 2020Dollar edges higher as Fed outlook lifts U.S. yields | Financial Post-1.3%
• Apr 29, 2020Money market stress adds to case for more ECB action | Financial Post+0.1%