# FX Daily: Diminishing marginal return on verbal interventions

> ING says ECB officials argue markets underestimate the odds of rate cuts, but the verbal pressure is unlikely to do much lasting damage to the euro. The bank notes markets already price about a 70% probability of a 10 basis point cut within a year. ING also expects a cautious Fed to keep dollar prospects bearish over the medium term.

- Date: 2021-01-28 · published 2021-01-28T12:00:00.000Z
- Category: macro · region Eurozone · magnitude low
- Page: https://feedsoft.ai/events/49378-fx-daily-diminishing-marginal-return-on-verbal-interventions
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Limited verbal intervention means the euro-dollar rate is unlikely to move sharply, so dollar-priced commodity prices are not expected to shift much from this factor alone.

## Read by commodity

- EURUSD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2024-08-30 | [FX Daily: US and eurozone inflation in focus \| articles \| ING THINK](https://feedsoft.ai/events/29011-fx-daily-us-and-eurozone-inflation-in-focus-articles-ing-think.md) | 0.0% | +0.7% |
| EURUSD | 2018-02-26 | [The one interest rate differential that is driving the US dollar \| ING THINK](https://feedsoft.ai/events/66696-the-one-interest-rate-differential-that-is-driving-the-us-dollar-ing-think.md) | +0.1% | +0.5% |
| EURUSD | 2021-02-09 | [Euroflation: the EUR reflation trade and its market implications \| articles \| ING THINK](https://feedsoft.ai/events/48857-euroflation-the-eur-reflation-trade-and-its-market-implications-articles-ing.md) | +0.5% | -1.3% |
| EURUSD | 2023-12-01 | [EUR/USD: ECB dovish repricing not necessarily a damper – ING: Analytics and Market news from 1 December 2023 11:51](https://feedsoft.ai/events/32930-eur-usd-ecb-dovish-repricing-not-necessarily-a-damper-ing-analytics-and-market.md) | -1.0% | +1.4% |
| EURUSD | 2021-01-28 | [FX: Challenging our bearish dollar forecast \| articles \| ING THINK](https://feedsoft.ai/events/49343-fx-challenging-our-bearish-dollar-forecast-articles-ing-think.md) | -0.6% | +1.1% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-daily-gearing-up-verbal-interventions

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