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EUR/USD fell below 1.2000, down about 0.6% on the day, after Fed Chair Powell's remarks at a WSJ event failed to meet market expectations. US 10-year yields rose to above 1.53% and the dollar strengthened as US stocks dropped.
Higher US yields and a firmer dollar tend to weigh on dollar-priced commodities and strengthen the dollar index, which can pressure US export prices for feed grains and meals.
forexcrunch.comFX StreetMar 4, 2021After 533 past bearish macro events, Euro (USD per EUR) moved a median -0.3% over 5 sessions (33% higher; middle half -1.2% to +0.2%), and -0.5% over 20.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Powell's remarks on March 4 sent US yields higher and EUR/USD below 1.20, setting up the follow-through decline on March 5.
