# Euro scales three-week high on Chinese recovery hopes

> The euro rose to three-week highs of 1.0614 against the dollar on May 23, 2022, as risk appetite improved on hopes for Chinese economic recovery. Markets priced in about a 0.9% ECB rate hike by year-end, and the dollar index fell 0.6% to 102.44. China's central bank had cut interest rates.

- Date: 2022-05-23 · published 2022-05-23T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/12693-euro-scales-three-week-high-on-chinese-recovery-hopes
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Hopes for Chinese recovery support demand expectations for imported feed ingredients, while a weaker dollar supports dollar-priced commodities for non-US buyers. Both effects are indirect and sentiment-driven.

## Read by commodity

- DXY: bearish ▼
- CORN: neutral
- EURUSD: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| EURUSD | 2022-05-23 | 5 | +2.4% | 2.8 | The euro hit three-week highs on May 23 as risk appetite improved on Chinese recovery hopes, the dollar index fell 0.6%, and markets priced in ECB tightening. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2022-10-04 | [Euro hits two-week high on European interest rate prospects](https://feedsoft.ai/events/9329-euro-hits-two-week-high-on-european-interest-rate-prospects.md) | -0.5% | +0.6% |
| EURUSD | 2021-07-30 | [EUR/USD Forecast: Euro US Dollar Exchange Rate Climbs To Three-Week High On Disappointing US GDP](https://feedsoft.ai/events/46297-eur-usd-forecast-euro-us-dollar-exchange-rate-climbs-to-three-week-high-on.md) | -0.4% | -1.1% |
| EURUSD | 2020-05-28 | [Dollar weak as improved risk appetite, EU recovery fund hopes lift euro](https://feedsoft.ai/events/53349-dollar-weak-as-improved-risk-appetite-eu-recovery-fund-hopes-lift-euro.md) | +2.5% | +2.8% |
| EURUSD | 2026-07-30 | [Euro climbs to six-week high as suspected Japanese intervention pressures Greenback](https://feedsoft.ai/events/18559-euro-climbs-to-six-week-high-as-suspected-japanese-intervention-pressures.md) | +1.4% | +2.3% |
| EURUSD | 2024-08-14 | [Euro Nears Year’s High on Bet Fed Will Cut Rates Faster Than ECB](https://feedsoft.ai/events/29016-euro-nears-year-s-high-on-bet-fed-will-cut-rates-faster-than-ecb.md) | +1.4% | +0.5% |
| DXY | 2022-10-04 | [Euro hits two-week high on European interest rate prospects](https://feedsoft.ai/events/9329-euro-hits-two-week-high-on-european-interest-rate-prospects.md) | +0.5% | +0.2% |
| DXY | 2021-07-30 | [EUR/USD Forecast: Euro US Dollar Exchange Rate Climbs To Three-Week High On Disappointing US GDP](https://feedsoft.ai/events/46297-eur-usd-forecast-euro-us-dollar-exchange-rate-climbs-to-three-week-high-on.md) | +0.3% | +1.2% |
| DXY | 2017-01-12 | [Rupee rebounds 24 paise to one-week high - The HinduBusinessLine](https://feedsoft.ai/events/73239-rupee-rebounds-24-paise-to-one-week-high-the-hindubusinessline.md) | -0.6% | -2.4% |

## Sources

- economies.com: https://www.economies.com/forex/news/euro-scales-three-week-high-on-chinese-recovery-hopes-41134

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.