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The dollar rose against the euro as traders awaited the ECB's rate decision. The euro had rallied about 2% over the prior three sessions on expectations of a 50 basis point hike and a report that a Russian gas pipeline would reopen on schedule.
Currency swings tied to ECB expectations and gas supply shift the relative cost of dollar-priced grain and oilseeds for euro buyers. A reopened Russian pipeline would also ease European energy costs that feed into fertilizer and processing.
reuters.comSaqib Iqbal AhmedJul 20, 2022After 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.
