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The ECB took another small step toward ending extraordinary monetary policy by dropping a pledge to extend or accelerate bond purchases if necessary. It also raised its 2018 growth forecast slightly to 2.4%, and the euro rose half a cent against the dollar to $1.242.
A less dovish ECB narrows the policy gap with the Fed and supports the euro, which weakens the dollar and can ease pressure on dollar-denominated commodity prices.
wsj.comRichard BarleyMar 8, 2018After 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.
