
The dollar and euro traded sideways after a more hawkish tone from the ECB and Federal Reserve the prior week sent euro zone and US yields soaring. Markets priced in faster and higher rate increases than previously expected.
Higher yield expectations support the dollar and weigh on the euro, which shifts the relative cost of imported feed ingredients and commodities priced in dollars.
After 359 past neutral macro events, DXY moved a median -0.0% over 5 sessions (49% higher; middle half -0.4% to +0.4%), and -0.1% over 20.
After 129 past neutral macro events, EURUSD moved a median -0.1% over 5 sessions (45% higher; middle half -0.5% to +0.5%), 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.