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ECB Executive Board member Fabio Panetta argued in a November 3 speech that the euro area faces unprecedented supply shocks from the pandemic and Russia's war in Ukraine. He said the ECB has raised rates by 200 basis points across three meetings, the fastest hike in its history, and that further tightening is warranted.
Continued ECB tightening supports the euro and raises borrowing costs for European livestock and feed operators, while the energy-driven inflation backdrop underpins input costs across the feed chain.
bis.orgFabio PanettaNov 3, 2022After 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.
