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The euro fell below $1.13 and hit its lowest level in 16 months as traders bet the ECB would keep accommodative policy while the Fed and Bank of England moved to raise rates. The euro also fell to its weakest level against sterling since February 2020.
Bank of America analysts said the market was positioning for a Fed-ECB policy divergence.
Diverging central bank paths strengthen the dollar against the euro, which tends to weigh on dollar-denominated commodity prices and shifts relative import costs for European feed buyers.
irishtimes.comTommy StubbingtonNov 18, 2021After 533 past bearish macro events, EURUSD 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, DXY 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.
