
The ECB's Governing Council decided on 26 October 2017 to cut net asset purchases from €60 billion to €30 billion per month from January 2018 through at least September 2018, and to keep reinvesting maturing principal for an extended period. It also committed to fixed-rate full-allotment refinancing operations at least until the end of 2019.
A slower pace of ECB bond buying reduces euro liquidity growth and supports a firmer euro, which weighs on dollar-denominated commodity prices and can lift euro-zone feed import costs relative to US supply.
After 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.