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EUR/USD rallied above 1.0300 to three-month highs on Friday, extending a gain of over 3% in two sessions after the softer U.S. CPI report. Reports that China would relax COVID-19 restrictions and shorten quarantines also lifted risk sentiment.
Nordea forecast 1.05 near term but 0.97 in three months.
China's reopening signals firmer demand expectations for commodities, while a weaker dollar supports dollar-denominated prices. Both factors point to firmer price support for feed ingredients.
teletrade.orgNov 11, 2022After 47 past bearish report events, US Dollar (Broad) moved a median -0.2% over 5 sessions (34% higher; middle half -0.8% to +0.2%), and -0.7% over 20.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
EUR/USD gained over 3% in two sessions on CPI and China reopening hopes, mirroring dollar weakness.
