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EUR/USD fell to 1.1194, down 0.43% on the day, as the euro gave back recent gains. German bond yields tested a one-year low, while ECB President Christine Lagarde said policymakers needed tools to prevent inflation from running away amid the energy shock.
A weaker euro raises the local-currency cost of imported feed and other commodities priced in dollars.
After 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.