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Mixed August euro zone inflation data showed headline CPI steady at 5.3% while core inflation eased from 5.5% to 5.3%. Austrian central bank governor Holzmann said rates had not peaked and expected one or two more hikes.
Markets priced a 30% chance of an ECB hike in September, down from 40%, and the euro fell nearly 0.6%.
Lower odds of further ECB tightening support the dollar and pressure the euro, which can make dollar-priced feed imports relatively more expensive for European buyers. The effect on feed prices is small.
economies.comRami HaddadAug 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.
