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The European Central Bank announced a 750 billion euro asset-purchase programme on Wednesday evening in response to the coronavirus outbreak. The announcement pushed the euro higher against the dollar and the pound.
Sterling was reported near its lowest level since at least 1985 against the dollar.
A stronger euro against the dollar tends to weaken the dollar index, which can support dollar-denominated commodity prices. Buyers should watch for currency-driven swings in import costs as the euro zone responds to the virus shock.
theguardian.comReutersMar 19, 2020After 388 past bullish macro events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), and +0.1% over 20.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
