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The euro dropped about 0.7% against the dollar after ECB board member Isabel Schnabel said growth prospects were weaker than the June staff baseline, despite euro zone headline inflation of 5.3%, above the 5.1% expected. The dollar was mostly lower across Asia, and the market awaited the US non-farm payrolls report.
Currency swings of this size shift the relative cost of dollar-priced feed ingredients for European and Asian buyers. The effect on commodity prices is limited unless the move persists.
convera.comIngmar ApinisAug 31, 2023After 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.
