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ECB Executive Board commentary indicated that the euro's strengthening over the past year will likely fully feed into the economy toward late spring, according to an interview in Riga. The comments reflect the lagged effect of currency moves of roughly 12 months.
A strong euro lowers eurozone import costs and dampens inflation, which can reduce European demand for imported feed ingredients over time.
After 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.