
The euro held near 1.12 dollars, above the 17-month lows reached the previous week. ECB officials, including Fabio Panetta and Martin Kocher, said further rate hikes could be needed to contain inflation, even though the bank held rates steady.
Hawkish ECB signals support the euro against the dollar, which lowers the cost of dollar-priced imports for euro-area feed buyers. The effect on feed prices is modest.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
After 388 past bullish macro events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), 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.