
EUR/USD rose to about 1.0830 on July 31, 2024, after preliminary eurozone HICP showed headline inflation accelerating to 2.6%. The US dollar index slid toward 104.00 ahead of the Fed decision.
A weaker dollar ahead of the Fed decision lowers the dollar cost of dollar-priced feed ingredients for euro buyers and can support US commodity prices.
After 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.