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The euro hit its lowest level against the dollar since June 2020 as Russia's invasion of Ukraine intensified. Brent crude futures posted their highest close since August 2014 despite a global agreement to release crude reserves.
The Russian rouble fell in volatile trading as investors moved to safe havens.
Brent at multi-year highs lifts diesel, freight and fertilizer costs for feed makers, while safe-haven demand for the dollar weakens euro-denominated import purchasing power.
reuters.comCaroline ValetkevitchMar 1, 2022After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 36 past bearish geopolitics events, Euro (USD per EUR) moved a median -1.0% over 5 sessions (22% higher; middle half -1.8% to -0.3%), and -0.7% over 20.
After 89 past bullish geopolitics events, US Dollar (Broad) moved a median +0.5% over 5 sessions (74% higher; middle half -0.0% to +1.0%), and +0.3% 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.
Reports Brent posted its highest close since 2014 on March 1 despite the reserve release, confirming the same-day price move amid intensifying invasion.
Euro hit its lowest since June 2020 on March 1 as the invasion intensified and oil jumped, with investors moving to safe havens, favoring the dollar early in the window.
Brent posted its highest close since 2014 on March 1 despite the reserve release, adding to the rally early in the window.
On 2022-03-01 the euro hit its lowest since June 2020 amid haven flows and an oil surge, contributing to the early part of the window.
