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The euro fell to its lowest level since 2017 after weak German and French PMI data showed the euro zone economy struggling. Markets trimmed expectations for ECB rate hikes while the dollar gained on recession concerns and safe-haven demand.
The article also cites Gazprom cutting gas supplies to Poland and Bulgaria.
Weak euro zone growth and a stronger dollar lift the cost of dollar-priced imports for European feed buyers and weigh on the energy-driven cost base of feed production.
cnbc.comReutersJun 23, 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.
After 155 past bullish macro events, Natural Gas moved a median +0.1% over 5 sessions (51% higher; middle half -4.0% to +7.1%), and +2.0% 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.
