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The ECB announced fresh coronavirus stimulus but held its deposit rate unchanged, which disappointed markets that had expected a cut. The euro fell to $1.1198 as investors rushed into dollars, and the dollar index rose 1.1% to 97.60 as cross-currency swap spreads widened.
A stronger dollar driven by a funding squeeze tends to pressure dollar-denominated commodity prices and widens the gap for non-US feed buyers facing a weaker local currency.
financialpost.comReuters2020. 3. 12.
cnbc.comReuters2020. 3. 12.과거 상승 거시 이벤트 2,356건 이후, 미국 달러 (광의 지수)은 5거래일 동안 중앙값 +0.2% 변동(상승 60%; 중간 50% 범위 -0.3%~+0.7%), 20거래일 동안 +0.4%.
과거 하락 거시 이벤트 533건 이후, 유로 (EUR당 USD)은 5거래일 동안 중앙값 -0.3% 변동(상승 33%; 중간 50% 범위 -1.2%~+0.2%), 20거래일 동안 -0.5%.
각 품목 벤치마크의 이벤트 직전 종가 대비 변동. 과거 수치는 같은 유형의 과거 이벤트를 합산한 것으로, 일어난 일을 설명할 뿐 앞으로 일어날 일이 아닙니다. 투자 자문이 아닙니다.
Same-day ECB decision to hold the deposit rate (no cut) while the dollar surged on a dash for liquidity and wider swap spreads directly explains the euro's roughly 1.8% drop against the dollar.
On 12 March the ECB disappointed by holding its deposit rate while a dollar funding squeeze widened swap spreads, so the euro fell to $1.1198 at the start of the 5-day window.
The ECB's 12 March package disappointed markets and widening cross-currency swap spreads sparked a dollar rush, setting up the euro's weakness, though it falls several days before the 17 March move.
