The euro hit a 17-month low near 1.1105 against the dollar as the ECB kept rates on hold at 2.50%. Markets had priced nearly 75bps of tightening over the next twelve months, which the ECB pushed back against.
Diverging central bank outlooks keep the dollar firm against the euro, which weighs on dollar-denominated grain values for European buyers.
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.