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The US dollar index hit a near one-month low on May 24, 2022 after Lagarde said euro zone rates would likely be positive by end-third quarter. The euro rose 0.42% to $1.07355 and had rebounded 3.7% over seven sessions from a low of $1.0349.
Traders expected the ECB to catch up with the Fed's tightening cycle.
A narrowing ECB-Fed rate differential weakens the dollar, which can support dollar-priced commodity demand from euro-area buyers. The impact on feed prices is secondary to currency movements.
financialnewsletter.comReutersMay 24, 2022After 388 past bullish macro events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), and +0.1% over 20.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
