10 trades for a dovish Draghi and hawkish Yellen

Mario Draghi, president of the European Central Bank
Drew Angerer | Bloomberg | Getty Images
Mario Draghi, president of the European Central Bank

Sentiment going into the European Central Bank's meeting Thursday is for Mario Draghi to reaffirm his current dovish stance. Given Janet Yellen's hawkish comments Friday, where she said another Federal Reserve rate hike may be appropriate in the coming months, many investors expect the euro to weaken against the U.S. dollar due to the divergent monetary policies. How should investors play it?

Using Kensho, a hedge fund analytics tool, we looked at which securities performed the best and worst when the euro fell by 5 percent or more versus the U.S. dollar in one month.

The euro declined 5 percent or more in one month 15 times during the last decade, according to Kensho. Such moves correlate with downside volatility in the market as the Dow Jones industrial average fell 3.1 percent on average during the time periods.

Home Depot did relatively well, up 2.3 percent on average as over 90 percent of the retailer's sales are inside the U.S. so they are less affected by currency moves, according to FactSet.

On the flip side, commodity-dominated countries such as Russia and Brazil along with energy-related ETFs are the worst performers.

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So when the dollar strengthens versus the euro, investors should watch out below.

Disclosure: NBCUniversal, parent of CNBC, is a minority investor in Kensho.