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ECB President Lagarde said higher energy prices, a mismatch between recovering demand and supply, and base effects from the end of a German sales tax cut were temporarily lifting euro zone inflation. Her comments pushed back against market bets on rate hikes.
A less hawkish ECB weakens the euro against the dollar, which tends to lift dollar-denominated grain and meal prices in euro terms.
reuters.comBalazs KoranyiOct 28, 2021After 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.
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.
Lagarde's pushback on rate-hike bets and framing of inflation as temporary reduced ECB tightening expectations, weighing on the euro heading into the 29 Oct drop.
