Citi cut its three-month EUR/USD forecast from 1.135 to 1.105. The bank cited European tail risks, wider French-German bond spreads and elevated energy prices from the Middle East conflict.
A weaker euro and firmer dollar make US commodities more expensive for European buyers and can weigh on dollar-priced grain and meal prices.
After 533 past bearish macro events, Euro (USD per EUR) moved a median -0.3% over 5 sessions (33% higher; middle half -1.2% to +0.2%), and -0.5% over 20.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.