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The ECB kept policy rates unchanged, with markets and economists expecting no rate changes in 2026 followed by possible tightening in 2027. The euro is weaker on a trade-weighted basis than at the December meeting as the dollar dip unwinds.
A stable policy path and a softer euro versus December support the dollar and slightly reduce import-cost pressure on feed inputs priced in dollars; the effect on feed prices is modest.
reuters.comBalazs Koranyi, Francesco CanepaFeb 4, 2026After 129 past neutral macro events, Euro (USD per EUR) moved a median -0.1% over 5 sessions (45% higher; middle half -0.5% to +0.5%), and +0.1% 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.
