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Reuters reported ECB officials are ready to drop the reference to downside risks in the June 8 statement, replacing it with 'largely balanced'. The ECB may also debate removing its easing bias, though the euro barely reacted.
A less dovish ECB tilts the euro firmer against the dollar, which typically weighs on dollar-denominated commodity prices and supports Brazilian and other importer currencies relative to the greenback.
octaafrica.netMay 31, 2017After 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.
