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The ECB raised its policy rate by a quarter point to 3.5%, the eighth consecutive hike since July 2022 and the highest level since 2001. Officials indicated no intention to pause tightening.
Higher euro-area rates support the euro and can cap commodity demand from European importers, a mild bearish signal for dollar-priced feed inputs. The effect on grain prices is indirect.
reuters.comFrancesco Canepa, Balazs KoranyiJun 15, 2023After 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.
