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EUR/USD fell from 1.2160 to 1.21 after reports the ECB might cut its already negative deposit rate. IIF chief economist Robin Brooks argues that deposit rate cuts are ineffective against euro strength because the currency is driven by longer-dated 5- and 10-year yield differentials.
He says the ECB's focus on the deposit rate is misguided.
If the ECB cannot weaken the euro through short-term rates, the euro may stay firm against the dollar, which would keep dollar-priced commodities relatively cheaper in Europe. Markets may need a larger policy shift to move the rate.
octaafrica.net28 jan 2021Na 129 eerdere neutraal macro-gebeurtenissen bewoog Euro (USD per EUR) zich mediaan -0,1% over 5 sessies (45% hoger; middelste helft -0,5% tot +0,5%), en +0,1% over 20.
Bewegingen van de benchmark van elke grondstof sinds de laatste slotkoers vóór de gebeurtenis. Historische waarden bundelen eerdere gebeurtenissen van hetzelfde soort; ze beschrijven wat er gebeurde, niet wat zal gebeuren. Geen beleggingsadvies.
