# EUR and ECB: Dovish for bonds, but not for EUR | articles | ING THINK

> The ECB announced it would front-load purchases under its Pandemic Emergency Purchase Programme (PEPP) to contain rising euro-zone bond yields. The total PEPP envelope was left unchanged, so only the pace of buying shifts.

- Date: 2021-03-11 · published 2021-03-11T12:00:00.000Z
- Category: macro · region Eurozone · magnitude low
- Page: https://feedsoft.ai/events/48339-eur-and-ecb-dovish-for-bonds-but-not-for-eur-articles-ing-think
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Because the overall size is unchanged, the move is seen as having little negative impact on the euro. Steadier core bond yields reduce support for the US dollar, which supports EUR/USD.

## Read by commodity

- DXY: bearish ▼
- EURUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2021-03-10 | [EUR and ECB Cribsheet \| articles \| ING THINK](https://feedsoft.ai/events/48340-eur-and-ecb-cribsheet-articles-ing-think.md) | +0.1% | -0.3% |
| EURUSD | 2018-12-13 | [EUR & ECB: No fireworks \| articles \| ING THINK](https://feedsoft.ai/events/61767-eur-and-ecb-no-fireworks-articles-ing-think.md) | +0.5% | +0.3% |
| EURUSD | 2020-12-08 | [EUR and ECB Crib Sheet \| articles \| ING THINK](https://feedsoft.ai/events/49861-eur-and-ecb-crib-sheet-articles-ing-think.md) | +0.1% | +1.0% |
| EURUSD | 2020-04-28 | [EUR & ECB crib sheet \| articles \| ING THINK](https://feedsoft.ai/events/53853-eur-and-ecb-crib-sheet-articles-ing-think.md) | +0.8% | +1.3% |
| EURUSD | 2022-02-03 | [EUR/USD: A new range after the ECB meeting \| articles \| ING THINK](https://feedsoft.ai/events/9872-eur-usd-a-new-range-after-the-ecb-meeting-articles-ing-think.md) | +1.2% | -2.2% |
| DXY | 2018-12-13 | [EUR & ECB: No fireworks \| articles \| ING THINK](https://feedsoft.ai/events/61767-eur-and-ecb-no-fireworks-articles-ing-think.md) | -0.1% | -1.9% |
| DXY | 2018-06-26 | [For the US dollar, the only way is not up \| articles \| ING THINK](https://feedsoft.ai/events/64713-for-the-us-dollar-the-only-way-is-not-up-articles-ing-think.md) | +0.8% | -0.1% |
| DXY | 2020-04-02 | [FX: In the dollar we do not trust \| articles \| ING THINK](https://feedsoft.ai/events/53574-fx-in-the-dollar-we-do-not-trust-articles-ing-think.md) | -0.5% | -0.8% |

## Sources

- think.ing.com: https://think.ing.com/articles/eur-ecb-dovish-bond-bonds-but-not-for-eur/

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