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LBBW strategists forecast the euro will strengthen as yield differentials narrow, since the ECB has paused rate cuts while the Federal Reserve is expected to cut twice more by the end of 2026. They note political uncertainty in France may weigh on the euro, while confidence in the dollar is also being questioned.
A forecast of a stronger euro and weaker dollar would support US commodity prices and export demand over time. The effect on feed markets is a longer-term currency factor rather than an immediate driver.
lbbw.deNov 19, 2025After 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.
After 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.
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.
