The reads below are for when the ECB sounds more hawkish than expected. Expect the opposite when the ECB sounds more dovish than expected.
Basic MaterialsUsually helpsA weaker dollar lifts metal prices.
EnergyUsually helpsA weaker dollar lifts oil prices.
TechnologyUsually hurtsRates rising worldwide weigh on growth-priced tech.
Communication ServicesLittle effectLittle direct link.
Consumer CyclicalLittle effectLittle direct link.
Consumer DefensiveLittle effectA stronger euro lifts what US brands earn in Europe, but that shows up quarterly, not on the day.
Financial ServicesLittle effectUS banks with European business gain on translation, but that is a quarterly effect; little day-of move.
HealthcareLittle effectSame as consumer brands: a translation effect, not a day-of move.
IndustrialsLittle effectLittle direct link.
Real EstateLittle effectLittle direct link on the day.
UtilitiesLittle effectLittle direct link on the day.