
The ECB announced it will cut monthly asset purchases from €60 billion to €30 billion starting January, extending the program to September 2018 and possibly beyond. Policy rates were left unchanged at zero for the main refinancing rate and minus 0.4% for the deposit rate.
The step toward unwinding stimulus supports the euro and dollar-relative currency moves that affect US export competitiveness for grains and oilseeds.
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.