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The euro's cost of oil and gas rose to record highs as war continued in Ukraine. Markets speculated that the European Central Bank might rarely intervene to support the euro against the dollar, though this was seen as unlikely.
Record European energy costs raise input and processing costs across the feed chain, and any ECB currency intervention would change the euro's cost of dollar-priced grains and meals.
reuters.comJamie McGeeverMar 4, 2022After 155 past bullish macro events, Natural Gas moved a median +0.1% over 5 sessions (51% higher; middle half -4.0% to +7.1%), and +2.0% over 20.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% 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.
