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The European Union has set up a wide-ranging industrial group to promote the euro in energy trade and reduce the dominance of the US dollar. The article says the dollar's dominance stems from its greater liquidity and lower transaction costs.
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A push to settle more energy trade in euros could affect currency flows used to price commodities. Any change would be gradual and has little near-term effect on feed prices.
reuters.comFrancesco GuarascioFeb 13, 2019After 12 past policy events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (75% higher; middle half -0.1% to +1.0%), and +0.7% 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.
