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The dollar extended its decline after the Federal Reserve's preferred inflation gauge showed muted price gains in November. The euro rose to its strongest level since August.
The data reinforced expectations that the Fed will pivot to interest-rate cuts next year.
A weaker dollar tends to support dollar-priced commodities and can improve export competitiveness for US feed ingredients. The effect on feed prices is modest and indirect compared with crop or trade news.
bloomberg.comAlice Atkins, Anya AndrianovaDec 22, 2023After 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.
