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The ECB announced a new series of seven pandemic emergency longer-term refinancing operations (PELTROs) to provide liquidity to the euro area financial system. The operations will be fixed-rate with full allotment, priced 25 basis points below the main refinancing rate, and mature in the third quarter of 2021.
Ample cheap euro liquidity supports the euro area economy and money markets, with limited direct effect on feed commodity prices. The main channel is a possible softer euro, which can slightly affect dollar-denominated grain and oilseed export competitiveness.
ecb.europa.euEuropean Central BankApr 30, 2020After 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.
