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European currencies strengthened as markets bet that U.S. interest rates are near their peak while euro-area borrowing costs have further to rise. Inflation in Europe is seen as stickier than in the U.S. The article notes markets still expect further rate cuts later.
A firmer euro and weaker dollar tend to make U.S. feed and grain exports more competitive abroad, which can weigh on U.S. commodity prices.
reuters.comAlun JohnApr 19, 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.
