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The ECB's Economic Bulletin for Issue 8 of 2016 reviews the December 8 policy meeting, which confirmed extending the asset purchase programme beyond March 2017. It notes oil prices have risen following the November 30 OPEC agreement while global spare capacity remains abundant.
Continued ECB easing supports a weaker euro and firmer dollar, while the OPEC-driven oil rebound raises energy and feed input costs, a combination relevant to feed ingredient pricing.
ecb.europa.euEuropean Central BankDec 22, 2016After 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 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
