
The euro fell below $1.10 for the first time since May 2017, dropping as much as 0.7% against the dollar. The sell-off intensified around options expiry in thin late-summer trade.
Traders also weighed new US tariffs on China, unrest in Hong Kong and Italy's political crisis.
A weaker euro strengthens the dollar, which tends to pressure dollar-denominated commodity prices and can make US feed exports less competitive. The move also reflects weak global trade expectations.
After 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.