
The ECB left its key rates and asset purchase settings unchanged at its Thursday meeting in Frankfurt. Rates are expected to stay low into next year while the US Federal Reserve continues raising rates.
A widening policy gap between the Fed and ECB tends to strengthen the dollar, which pressures dollar-denominated commodity prices and raises import costs for euro-area feed buyers.
After 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.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.