# Account of the monetary policy meeting

> The ECB's account of its July monetary policy meeting reviews financial markets since June. It notes US and German yield curves kept flattening and term premia fell deeper into negative territory, partly due to trade-dispute uncertainty driving demand for safe-haven government bonds. Market expectations for the first ECB rate hike were pushed further out.

- Date: 2018-08-23 · published 2018-08-23T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/63734-account-of-the-monetary-policy-meeting
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Lower yields and a delayed ECB tightening weaken the euro relative to the dollar, which affects dollar-denominated feed commodity prices and import costs for European buyers. The effect on grain and oilseed prices is indirect.

## Read by commodity

- EURUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2018-04-12 | [Account of the monetary policy meeting](https://feedsoft.ai/events/65690-account-of-the-monetary-policy-meeting.md) | -0.0% | -4.3% |
| EURUSD | 2018-07-12 | [Account of the monetary policy meeting](https://feedsoft.ai/events/64245-account-of-the-monetary-policy-meeting.md) | -0.7% | -1.1% |
| EURUSD | 2019-05-23 | [Account of the monetary policy meeting](https://feedsoft.ai/events/59290-account-of-the-monetary-policy-meeting.md) | -0.1% | +1.1% |
| EURUSD | 2019-08-22 | [Account of the monetary policy meeting](https://feedsoft.ai/events/57801-account-of-the-monetary-policy-meeting.md) | -0.1% | -0.5% |
| EURUSD | 2016-11-17 | [Account of the monetary policy meeting of the Governing Council of the European Central Bank](https://feedsoft.ai/events/8331-account-of-the-monetary-policy-meeting-of-the-governing-council-of-the-european.md) | -1.3% | -3.0% |

## Sources

- ecb.europa.eu: https://www.ecb.europa.eu/press/accounts/2018/html/ecb.mg180823.en.html

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