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The ECB's account of its July monetary policy meeting reviews financial markets since June. It notes US and German yield curves kept flattening and term premia fell deeper into negative territory, partly due to trade-dispute uncertainty driving demand for safe-haven government bonds.
Market expectations for the first ECB rate hike were pushed further out.
Lower yields and a delayed ECB tightening weaken the euro relative to the dollar, which affects dollar-denominated feed commodity prices and import costs for European buyers. The effect on grain and oilseed prices is indirect.
ecb.europa.euEuropean Central Bank2018/08/23過去の弱気なマクロイベント533件の後、ユーロ(1 EURあたりUSD) は5営業日で中央値 -0.3% 動き（33% が上昇。中央50%は -1.2% から +0.2%）、20営業日では -0.5% 動きました。
イベント直前の終値からの各商品ベンチマークの動き。過去の傾向は同種の過去イベントをまとめたものであり、起きたことを示すもので、今後を示すものではありません。投資助言ではありません。
