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The euro jumped to its highest level in more than a year as the dollar fell against major developed-market currencies. Traders increasingly expect the Federal Reserve to cut rates later in the year because of a worsening US economic outlook.
A weaker dollar and stronger euro make dollar-priced commodities cheaper for European buyers and can support US commodity prices, while the rate-cut outlook signals softer US growth ahead.
bloomberg.comAline Oyamada, Naomi TajitsuApr 13, 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.
After 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.
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.
