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The ECB published the account of its monetary policy meeting, noting that global risk sentiment had improved since March and equity markets had risen strongly in the first quarter. Markets had pushed expectations for the first ECB rate increase further out, and short-term money market rate expectations had shifted lower.
The Fed had also lowered its rate projections and slowed its Treasury balance sheet runoff.
Expectations of easier money for longer tend to weaken the euro and support risk assets, which can modestly lift commodity prices priced in dollars.
ecb.europa.euEuropean Central BankMay 23, 2019After 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.
