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Lagarde's Berlin speech argued that the US-led rules-based order is fracturing and that the dollar's dominance is uncertain. She said the changing landscape could open the door for a greater international role for the euro.
Fragmentation of world trade could reduce global trade volumes in feed and grain, but the speech itself does not change current supply or prices.
After 1,108 past macro events, Euro (USD per EUR) moved a median -0.1% over 5 sessions (46% higher; middle half -0.7% to +0.6%), and -0.3% 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.