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Alcohol dilates peripheral blood vessels, but has been known to actually. constrict some blood vessels in the brain, lowering the oxygen content. Alcohol dilates peripheral blood vessels, but has been known to actually  constrict some blood vessels in the brain, lowering the oxygen content.
Alcohol is a central nervous system depressant, which means that it slows down your reaction times, reduces pain, and eventually cools your body. This has very little to do with mood or fatigue except in excess. However, its effects are much, much wider than that, and calling alcohol a depressant is incomplete to the point of incorrectness. Alcohol is best classified as a disinhibitor, with stimulant and depressant properties. For instance, unlike a depressant, alcohol will increase your heart rate and blood pressure, dilate your blood vessels, cause a release of epinephrine (adrenaline), and make you hot and flushed, as stimulants do.